Banks
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L-Bank will go on the road to promote the first ever Reg S dollar benchmark priced over the dollar risk free rate, Sofr. -
FIG bond market participants were speaking in superlatives as new bonds flew off the shelves this week. But some DCM officials are advising their clients not to count on conditions remaining evergreen through the rest of 2019, encouraging them to put long-held deal plans into action.
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Barclays’ corporate and investment bank performed strongly relative to peers in the last quarter of 2018, helping management make the case for a strong CIB franchise against investor Edward Bramson, who wants it to downscale this part of the group. Although analysts reckon the argument will continue, Aviva Investors announced it would be siding against the activist, after the results were released on Thursday.
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The European Bank for Reconstruction and Development smashed its newly minted size record in sterling with its sophomore effort using the Sonia benchmark.
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Second lien loan structures are substituting in for unsecured high yield issues, as a strong bid from direct lending funds pushes prices for the product tighter. Despite wariness from many banks about the product, Goldman Sachs has been seen actively competing with private debt funds to offer second lien finance, adding to the product’s advantages for sponsors.
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L-Bank will go on the road to promote the first ever Reg S dollar benchmark priced over the dollar risk free rate Sofr.
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Rentenbank printed at a tight spread on Thursday with a 10 year euro benchmark, swelling the deal to €1.25bn.
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UK Commercial Property Reit (UKCM) has added to its revolving credit facilities and reduced its term loans, shaving 10bp off its cost of funding, as lenders say sterling loans are viable despite Brexit uncertainty.
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BNP Paribas saved about 5bp on pricing by going green with its latest non-preferred senior offering this week, bringing the deal against an impressive market backdrop.
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Türk Telekom printed a $500m six year bond on Thursday at 7%, capping an extraordinary week in the CEEMEA bond markets. The company's outstanding paper had rallied following the release of initial price guidance for the bond, such was the demand for exposure to the credit.
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The past week has been the busiest of the year so far in the international segment of the Swiss franc market, with European bank issuers accounting for much of the new issue flow.
