Barclays
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Barclays, Lloyds Bank, Nomura and Royal Bank of Scotland will run the sale, scheduled for the week beginning October 24.
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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A sell-off in eurozone government debt last week, over rumours that the European Central Bank might start tapering its quantitative easing programme, may have helped issuers bring more shorter dated deals in euros this week than have been possible for months — but some issuers are wary that more volatility could be ahead. -
Including redemptions and central bank buying, the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise, then, that three seven year deals issued this week by Ibercaja, Banco Sabadell and Bank of Montreal were swamped with demand.
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The European Stability Mechanism is close to deciding on the format its first dollar benchmark will be printed in, while a deal due this Friday could open up to longer dated tenors what has already been an extremely strong dollar market in the three year part of the curve.
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FMS Wertmanagement became on Thursday the first public sector borrower since June to print a euro benchmark with a maturity below five years.
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Export Development Canada will on Friday join a rampant dollar benchmark market and could open end up giving issuers more options after choosing a more daring maturity than those executed in the last few weeks.
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US music publisher Warner Music Group on Monday was alone in the European high yield market at the same time that Verallia, the French glass packaging maker, told investors it had cancelled its pay-if-you-can bond offering.
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SMBC has hired Barclays’ head of private loan sales, who had worked at the bank for 10 years before his departure.
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Including redemptions and central bank buying the investable eurozone covered bond market has shrunk almost €80bn so far this year. No surprise then that seven year deals issued on Thursday by Banco Sabadell and Bank of Montreal were swamped and priced with virtually no concession.
