Bank of America
-
The European Financial Stability Facility finished off its 2018 issuance this week with what was likely the last jumbo euro benchmark of the year. The deal was solid, but SSA bankers warned the euro market feels “tired”. -
Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections.
-
The State of North Rhine-Westphalia rounded out the week’s euro issuance with an oversubscribed 10 year euro deal that was priced 1bp inside guidance.
-
BMW Finance found no reduction in the demand for its paper, despite its new issue on Thursday being its fourth dual-tranche deal of the year. The company has sold at least €1.75bn during each previous quarter of 2018, and it hit that mark again with its shortest combination of tenors.
-
Qiagen, the Dutch biotechnology company, has returned to the equity-linked market to sell a six year senior unsecured convertible bond with a similar call spread structure to one it sold in September 2017.
-
Garanti Bank has launched syndication to refinance a $1.15bn-equivalent loan, as bankers assess Turkish banks' funding activity during the country's recent period of economic upheaval.
-
The European Financial Stability Facility has opted to tackle a part of the euro curve where KfW found substantial demand last week, with a trade that SSA bankers said should provide a steer on the health of the euro market. There was one positive sign for the sector on Monday, as a Dutch agency increased the size of an SRI bond from its initial target.
-
Digital Realty, the US data centre company, has signed a global syndicated loan package totalling $3.3bn across a range of currencies, weeks after the firm ventured into the sterling bond market.
-
-
-
A megayacht of a trade from KfW this week suggested that potential headwinds — including the end of quantitative easing, Italy’s reckoning with the European Commission and Angela Merkel’s plan to step away from politics — are failing to sink sentiment in the euro market. But some SSA bankers warned that the trade was more just proof that KfW can float in these conditions — and that an upcoming deal for the European Financial Stability Facility (EFSF) will be a better buoy for the sector’s currents.
-
Yapı Kredi is the latest top tier Turkish bank to refinance hard-currency debt, with a $1.1bn equivalent loan. It is the largest Turkish bank refinancing of the season, indicating that there is resilience in the market, and Garanti Bank is set to follow.
