Banks
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French construction company Vinci took advantage of a lull in supply and favourable financing conditions to make its long-awaited dollar market debut. -
It was a busy week for ING’s funding team, as they kicked off the quarter by issuing euro-denominated notes on Monday and a series of dollar bonds on Tuesday.
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UniCredit will seek to ensure it hits its 2019 financial targets before going ahead with a bid for Germany’s Commerzbank, if the latter’s talks with Deutsche Bank collapse.
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Smaller financial institution issuers have been welcomed back to the European bond market in recent weeks, after their hopes of raising deeply subordinated capital were dashed by turbulent market conditions in late 2018. But they are not taking chances this time, seeking comfort in using the support of just one investment bank rather than a group of bookrunners.
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Indications of interest for Saudi Aramco’s planned bond issue were understood to have topped $15bn on Thursday morning in London, with three days left of the roadshow still to run. Contrary to press reports, investors have been told on the roadshow that the cash raised will not be used directly to fund the acquisition of Saudi Basic Industries Corp, as that is not expected to take place for another six to 12 months, writes Francesca Young.
