Bank of America
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Piraeus Bank is set to become the first Greek financial institution to print a bond since the country’s bail-out in 2010, and the stage is set for a big success after fellow periphery Banco Popolare built one of the biggest books for a senior unsecured deal in recent memory this week. -
Avis Budget took advantage of strong high yield demand on Thursday to make a rapid tap of its March 2021 bonds to refinance shorter dollar debt.
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Obrascón Huarte Lain, the Spanish construction and concessions group, pounced on a super-tight high yield market on Wednesday to issue a €300m bond, and found demand so strong that it was able to increase it to €400m. The final book was around €3.2bn.
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Mexican financial Crédito Real attracted a bumper book for only the second LatAm dollar issue since January 31 on Thursday afternoon though more supply is needed to quench the market’s thirst for paper, according to traders.
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Relations between the US and Russia reached their worst pitch of tension for 25 years this week – yet for the corporate bond market, blue sky stretched to the horizon.
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Belgium, KfW and the European Financial Stability Facility could be first in line with euro benchmarks after issuers largely avoided a tricky time this week that included German holidays, a European Central Bank rates decision and uncertainty over the stand-off between Ukraine and Russia.
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Corporate borrowers are expected to sell a spate of private MTNs this month as Japanese investors hunt for the names, according to dealers.
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Avis Budget took advantage of strong high yield demand to open books today for a tap of its 6% March 2021 bonds.
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Banco Santander Chile sold the first Kangaroo bond from a Latin American financial on Thursday, but bankers away from the trade were disappointed with the small deal size. They said the short maturity limited investor interest, though another source argued that the deal did attract a diverse order book.
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Banco Popolare built the biggest order book for a senior unsecured deal in months on Thursday, paying a generous new issue premium in order to reach a size of €1.25bn for its long-awaited five year.
