Banks
-
-
US bond market tourists poured into high grade euros this week, where tiny concessions and a cheap overall cost of funding saw a string of successful trades. -
UBS has made several senior staff in Spain redundant, including Madrid-based DCM managing director Daniel Vazquez Villanueva, GlobalCapital understands. The cuts came as part of a general redundancy round last year, but revenues from the region have been hurt by a hard stop in business from Santander after it decided not to hire former UBS investment banking boss Andrea Orcel as chief executive.
-
Ontario Teachers’ Finance Trust has chosen four banks to organise a series of meetings with euro fixed income investors, ahead of what will be the issuer’s first bond in the currency.
-
Cadent Gas, the UK gas distribution network spun off by National Grid in 2017, will roadshow from Tuesday next week for a €500m transition bond. The deal is likely to delight green bond specialists who have championed the idea of transition bonds as a way to finance companies that are not green, but are moving towards lower carbon business models.
-
A lack of credible internal candidates and a desire for stability across its divisions led UBS to cast the net wider to find a successor to chief executive Sergio Ermotti. It has appointed ING CEO Ralph Hamers.
-
Teréga, the French gas transport utility, enjoyed chunky demand for a €400m bond issue on Thursday, despite its sub-benchmark size.
-
UniCredit is making Algis Pabarcius its UK country head, replacing Christian Steffens, who is moving to head up corporate and investment banking for the Americas region.
-
BPCE raised senior bond funding in sterling on Thursday, making use of constructive conditions in the currency. The lender launched its deal at a spread that, on an after-swap basis, was roughly in line with where it could have landed in euros.
-
Intesa Sanpaolo chose to split an additional tier one (AT1) deal into two tranches on Thursday, with one eye on the secondary performance of the bonds and the other on the maturity profile of its debt capital stock.
-
Dubai Islamic Bank is embarking on a roadshow having mandated nine banks for a long five year or seven year dollar benchmark sukuk.
-
Dar Al Arkan Real Estate Development Company moved beyond the usual five year tenor it normally issues at on Wednesday, making the most of investors’ willingness to take on longer maturity paper.
