Banks
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Greece returned to the capital markets this week with its fourth syndicated bond of the year as it tapped its 10 year note at a record low yield. Meanwhile, Cyprus is set to go on a global roadshow to plan its funding for 2020. -
Yankee banks took advantage of a strong market backdrop this week ahead of US third quarter earnings season, with Canadian banks leading the charge.
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After making a strong return to the dollar bond market for the first time since 2010, Italy aims to become a frequent issuer in the currency once again, according to the sovereign’s funding head.
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The buyout bonds for Merlin Entertainments and Kantar, backed by Blackstone and Bain, will set new standards for European issuers. If the investors strike down the "net short" clauses — as they did in an earlier Inmarsat deal — the sponsors may give up on the controversial strategy to battle hedge funds with large CDS positions.
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The Schuldschein market has for many centuries attracted buy-and-hold investors, but this may change as some arranging banks are offering lenders opportunities to buy sections of their own Schuldschein positions. But many fear that the whiff of secondary markets will see regulators reclassify the instrument as a security, instead of a loan.
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Kernel, a Ukrainian agricultural producer, hit the market on Thursday with a five year non-call three bond and raised $300m with a trade that bankers said was tricky to price.
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The International Development Association made a huge splash this week with its first euro benchmark. The supranational is aiming to carve out a large and diversified funding programme consisting of various currencies and private placements.
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One of the lessons from the Credit Suisse spy scandal is that there is a dearth of talent capable of leading Europe’s banks through their most challenging period. A succession crisis looms, writes David Rothnie.
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UBS has appointed Sarah Mackey as head of leveraged finance for Europe, the Middle East and Africa.
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German tyre manufacturer Continental rolled into the market on Wednesday, one week after it priced its debut floater in the MTN market last week. The manufacturer had enjoyed several years away from the capital markets, before returning in September with a series of public deals. Elsewhere, political events in Turkey have left lira issuance surrounded in “uncertainty.”
