Banks
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A busier public bond market has caught the attention of MTN dealers, particularly as new issue premiums appear to be rising — which might lead to more inquiry for private debt. -
The covered bond market is likely to remain equally busy on Friday as it was on Thursday with a further three deals mandated. Bankers say next week could become even more frenetic.
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The European Investment Bank and KfW comfortably raised a combined £2.25bn on Thursday after receiving whopping investor demand for benchmark trades. This Friday is set to add to the sterling glut, with deals from the Asian Development Bank, Bank Nederlandse Gemeenten and Swedish Export Credit Corporation.
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The European Bank for Reconstruction and Development on Thursday nipped in front of an expected glut of euro supply next week and was rewarded as it increased a green bond from its original size target and tightened pricing.
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Uzbekistan could announce roadshow dates as early as next week, having put ratings in place and picked banks for its debut Eurobond.
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Africa Finance Corp has raised a $300m loan facility from a consortium of international lenders.
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Zurich-based syndicate heads entered the new year cautiously optimistic about the outlook for Swiss franc bond issuance in 2019.
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The US’s Bristol-Myers Squibb (BMS) has picked two banks to provide the debt portion of its $74bn acquisition of biotech firm Celgene, in one of the biggest pharmaceuticals mergers in recent years.
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ABN Amro and LBBW issued perfectly respectable, though uninspiring, euro covered bond trades on Thursday, deals that stood in contrast to a heroic deal from Bank of Montreal (BMO).
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The European corporate bond market had to wait just one day for the first new issue of 2019. Some participants had expected volatility in the global financial markets to result in a blank first week for corporates, but finance subsidiaries of Renault and Toyota opted to start their financing for the year on Thursday.
