Banks
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After a near two year absence, Deutsche Bahn pulled into the Swiss franc market to issue 15 year debt with no new issue premium this week, landing inside its own euro curve. -
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Rating: Baa1/BBB+/A-
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Bankers are betting on a strong year for the UK — Europe’s biggest fee pool — but the overlapping concerns of Brexit, Covid-19 and regulation make for an uncertain outlook, writes David Rothnie.
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In a dramatic and unprecedented turn of events on Wednesday, Spain went from being on track to attract the biggest ever order book for a bond issue to losing more than half of its orders, as it slashed the spread of its new 10 year syndicated bond, leaving either a negative or very skinny new issue premium.
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Fundamentals are becoming more important again in Europe’s corporate bond primary market, but the power of the European Central Bank technical trade in the secondary market is quickly washing away new issue concessions.
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NorteGas, the Spanish gas distribution company, won strong demand from investors on Thursday, despite syndicate bankers worrying that the market was softening.
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KfW printed its first green bond in South African rand this week, reflecting the growth in demand for sustainable products outside of core currencies, according to a funding official at the agency.
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Austrian paper and packaging firm Mayr-Melnhof Karton, called MM Karton for short, has launched a Schuldscheine, with an initial target of €300m.
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Turkish bank Yapi Kredi launched a tier two dollar bond on Thursday, with demand strong enough for bookrunners to attempt to squeeze pricing. But this is an unorthodox start to the year for Turkish bonds with the traditional curtain raiser from the sovereign nowhere to be seen.
