Bank of America
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Vodafone wasted no time catching its breath after closing books on Thursday's £2.9bn convertible bond, as it announced on Friday its intention to raise up to €3bn of conventional bonds as early as Monday.
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Apple's $12bn nine-tranche bond this week has not only kick-started a US corporate bond market that had been drained by weeks of volatility, but also signalled the beginning of a wave of supply from US issuers that is expected to hit European shores. -
A healthy pair of benchmarks this week and strong conditions mean the euro market is wide open for a pair of supranationals to bring planned deals next week.
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KfW this week printed its widest five year KfW dollar benchmark since 2009 as negative swap spreads took their toll on pricing despite an improving macroeconomic backdrop.
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US biotechnology company Amgen made its dash into primary corporate bond markets on Thursday with a dual tranche deal that took €2bn out of the market.
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Nordic Investment Bank has printed the second dollar benchmark from an SSA this week, as issuers contend with the effects on pricing of negative swap spreads.
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High yield bankers insist that the European market will not be paralysed by some of the banks holding debt they have been unable to sell, even after the failure of last week's €1.55bn financing for LeasePlan.
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Groupe Bruxelles Lambert, the Belgian investment holding company, took advantage of Total’s strong market performance on three consecutive days to sell €651m of stock in the French oil and gas company on Tuesday night.
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The long wait for a European block trade ended on Tuesday night, as a shareholder in Total sold €651m-worth of stock in the French oil and gas business, sparking hopes of further ECM deals in coming days.
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The Asia ex-Japan bond market finally saw some primary activity on Wednesday with the Republic of the Philippines set to be the first sovereign issuer of the year. The country launched a new 25 year bond and is giving investors the option to switch out of 16 outstanding deals at the same time.
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A protracted slump in equity markets has pushed some risk measures in the US and Asia to extremes.
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Austria has printed €5bn in a dual tranche issuance, pricing in 10 and 30 year tenors as the sovereign took advantage of a window of opportunity arising from a rally in global equities.
