Banks
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One of the biggest snowstorms to hit Ottawa in years could not stop Export Development Canada printing its largest ever deal this week, alongside a record three year book for the European Investment Bank (EIB) and a very healthy Bank of England (BoE) dollar deal. -
Credit Suisse’s fourth quarter results showed damage from the high yield and leveraged finance market’s tantrum in the last quarter of 2018. The bank was also hit by a Canada Goose block trade gone wrong.
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The Netherlands Development Finance Company (FMO) is looking to sell its first social bond this year following its inaugural green trade this week. The agency is also keeping a close watch on the Sofr market.
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The UK’s future may be impossible to fathom as the beyond-satirical story of Brexit drags on, but public sector borrowers printing in the country’s currency can be certain that this will be a year of tumbling records, with volumes soaring and average sizes rocketing. While strong technical factors are behind much of the demand, some SSA bankers say that a willingness by issuers to treat execution in the currency like that in euros and dollars has bolstered sterling’s standing.
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Additional tier ones couldn’t have reacted any more calmly to the first ever extension of a deal this week, but the market is still a long way from overcoming its ultimate test.
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The European Financial Stability Facility (EFSF) and Agence Française de Développement (AFD) became the latest issuers to enjoy a strong euro market this week, and there is more supply to come.
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The bigger surprise in the financial institutions debt market this week was not that Banco Santander decided to extend the life of an additional tier one bond, but rather that the subordinated debt market took the decision in its stride.
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The international capital market welcomed a new supranational borrower on Monday when Bolivia-based Fonplata issued a debut Sfr150m five year bond via Credit Suisse and UBS.
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Credit Bank of Moscow printed a €500m five year bond on Tuesday, taking advantage of positive sentiment towards Russian bonds that existed early in the week before new talk of fresh US sanctions on Russia later dented enthusiasm for the country’s credit.
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Investors backed the return of the Balearic Islands to the bond markets on Tuesday with the Spanish region selling its biggest ever single tranche bond. It was able to attract huge demand despite the threat of a snap general election in Spain — a prospect that looked increasingly likely as the week neared its end.
