Banks
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Investors stormed into the euro public sector bond market this week fired up from the announcement of a new comprehensive stimulus package by the European Central Bank last week. -
While it is no surprise that a public sector borrower has brought the first floating rate note linked to the euro short term rate (€STR), it was a surprise that a small German agency would bring the inaugural transaction, especially as it is some weeks before the European Central Bank (ECB) is due to begin publishing the recommended new risk-free rate.
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SoftBank, the Japanese technology conglomerate, astonished equity-linked bond market participants this week by executing a deft trade, arranged by Credit Suisse, that recovered all its €900m investment in Wirecard, the controversial German payments processing company, while leaving it with upside. Aidan Gregory and Jon Hay report.
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It has been an explosive week in the sterling market, with foreign and domestic names raising £2.9bn of debt on the back of £13.05bn of combined demand in the space of just three days. But there are more big tests for sterling funders in near future, with a bond market comeback for the UK’s Metro Bank being chief among them.
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Italian banks from across the spectrum of credit quality have accessed debt capital markets this week, as they enjoy funding costs that might not have seemed possible in the middle of the term of the country’s previous government.
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Adani Transmission, the Indian power transmission firm, has launched a US private placement, according to several market participants, in a debut set to test institutional investors’ appetite for Indian risk.
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Sirius Minerals, the company that is building a giant fertiliser mine beneath the UK's North York Moors, faces up to six months of uncertainty after it failed to issue a $500m high yield bond that would have secured its financial future, and the UK government refused to provide support to the project. Karoliina Liimatainen and Aidan Gregory report.
