Bank of America
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Greece braved the furore surrounding Banco Espírito Santo this week to print its second deal since receiving a bailout in 2010. But the trade fell short of some bankers’ expectations — both in volume and maturity — and some worried that the politically driven rigidity of the sovereign’s funding strategy could come back to bite it if there is similar volatility when it next comes to the market, most likely a seven year bond later this year, writes Craig McGlashan. -
Europe’s corporate bond market was knocked sideways on Thursday by a gust of fear about peripheral Europe, after problems deepened at Portugal's Banco Espírito Santo. The market has not shut down, but ACS, the Spanish construction company, pulled a deal and no issuer managed to price tighter than its initial thoughts.
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Turkish Alternatifbank has mandated Bank of America Merrill Lynch and Commerzbank to arrange a Commercial Bank of Qatar-guaranteed dollar bond. CBQ, rated A1/A-/A owns 74.25% of Alternatifbank, which has a long term issuer default rating of BBB from Fitch.
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The sterling market provided the only senior financial supply this week, with Dexia Crédit Local and Credit Suisse selling deals at the short end. A juicy spread over other highly rated paper propelled Dexia’s government guaranteed issue to exceed expectations, while Credit Suisse also drew strong demand for its floater.
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Three issuers launched covered bonds this week with varying results, which suggested that the converging trend between core and peripheral Europe has stalled. Banca Monte dei Paschi di Siena (MPS) struggled to attract anything like the demand seen in its previous covered bond as Portuguese woes outweighed the programme’s rating upgrade into investment grade territory.
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The Trade & Development Bank of Mongolia (TDBM) made a return to international markets on Thursday and while Mongolia’s fundamentals look worrying, bankers still expect the trade to perform well. The sovereign is also expected to make an appearance this year.
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China Gold International Resources Corp opened books for its inaugural international issue — a three year dollar bond — on Thursday.
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A new Italian corporate bond issuer entered the market on Wednesday, as 2i Rete Gas, the second largest gas distribution company after Snam, issued €1.35bn of five and 10 year paper.
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A €655m loan has been launched to back the sale of Israeli energy conglomerate Delek Group's petrol station and convenience store operations in the Benelux and France to private equity firm TDR Capital.
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Dexia Credit Local surprised syndicate bankers on Wednesday with the scale of demand it drew for a three year government guaranteed sterling print. A juicy spread compared to agencies that print in sterling allowed the issuer to easily surpass size expectations.
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Western European lenders had a rare chance to finance drawn debt this week after Germany's FGA Bank signed a €550m three year syndicated term loan.
