Bank of America
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Nederlandse Waterschapsbank (NWB) will look to fill the €1bn-€1.5bn it has left to raise this year with its annual water bond benchmark and potentially a short end benchmark. That is in keeping with the wider SSA market, where bankers expect socially responsible investment (SRI) issuance to form the bulk of this year’s final trades. -
Supranationals found heavy demand from investors for privately placed taps of outstanding dollar and euro notes over the past week, with Asian Development Bank printing particularly heavy volumes.
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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”.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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