Banks
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The US high grade corporate bond new issue market went dark for two days this week, as corporate America skulked in earnings blackouts. Next week could be big, but it is likely to be a long, dry summer.
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Euro investors gave the buyout debt for EQT and Abu Dhabi Investment Authority’s purchase of Nestlé Skin Health a particularly strong reception. Driving pricing through 400bp despite the high leverage on the deal. -
Lloyds Bank was able to increase the size of its second dollar bond issued in less than a year, but still paid a minimal new issue concession. It followed Munchener Hypothekenbank (MuHyp) which issued a highly oversubscribed and tightly priced Pfandbrief on Tuesday.
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Leaders of the big US investment banks were cautiously optimistic about upcoming investment banking activity, despite a poor second quarter across their capital markets divisions.
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JP Morgan made an appearance in euros as it came out of earnings blackout this week amid strong market conditions and as the market winds down for the summer. Boosted by the European Central Bank's dovish policy, FIG bankers expect a smooth second half of the year.
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A trio of supranational and agency names headed out into niche currencies this week, as other SSA names say non-core currencies will be their focus for the rest of the year.
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As its profile grows, the Schuldschein market is attracting a healthy supply of new issuers. Increasingly, these come from abroad, but banks are still finding a good number of German companies to woo to the market for the first time, like DIC Asset this week.
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The City of London Corporation will raise £450m ($562m) of debt from its first US private placement deal, surpassing expectations. The debt will be issued under a green and sustainable financing framework.
