Banks
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American IT services firm DXC Technology made its second visit to the European corporate bond markets on Wednesday and found a good reception from investors for its debut euro issuance. -
Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3.00%)
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Banks, including Credit Suisse and JP Morgan, are working to create tokenised versions of traditional securities and fiat currencies, in order to allow clients to trade them via distributed ledger systems.
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Cryptocurrencies have not had a great year. Total market capitalisation of the sector is down 75% from the highs of January, falling roughly in line with what the bears predicted. But that hasn’t seemed to slow institutions’ attempts to get involved.
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Signs emerged in the SSA market this week that not all SRI bonds are equally worthwhile as far as investors are concerned, particularly when market conditions are not ideal. A series of bonds with a green label went through with little difficulty but a pair of social bonds were undersubscribed. Craig McGlashan reports.
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LafargeHolcim has returned to the Schuldschein market looking for €300m, across dollar and euro tranches, alongside raising long-dated US private placements.
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Japan Tobacco took the rare step of issuing corporate bonds in three different currencies on the same day when it sold its debut euro and sterling bond deals alongside a pair of dollar tranches this week. The unusual move proved to be a successful one however, with each tranche at least three times subscribed.
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Rabobank and Bank of Ireland turned to the dollar market this week to issue senior bonds meeting their minimum requirements for own funds and eligible liabilities (MREL), after both did their first deals in the new format on the same day last month.
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French electricity grid operator Réseau de Transport d’Électricité this week took the record for the largest order book for a new 20 year corporate bond in style when it received €5.5bn of orders. The size of the demand was more than double the €2.3bn book, which had given the record to French tyre manufacturer Michelin three weeks before.
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Goldman rearranged its senior leadership this week and last to prepare the bank for David Solomon's start date as CEO in October.
