Barclays
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The primary covered bond market was active this week with as many as seven issuers raising more than €6bn, including the longest deal in over a year and a debut borrower in euros.
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A lack of high quality M&A talent, and the need for a quick fix, is driving a new wave of recruitment by big banks, writes David Rothnie.
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L-Bank and the African Development Bank are set to be the latest issuers this week to take advantage of rising short end dollar swap spreads, mandating for deals on Wednesday after Finland printed a short dated deal of its own. -
Nomura’s restructuring of its overseas activities has led to several senior directors in leveraged finance in both the US and Europe leaving the bank this week.
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A stream of SSA borrowers entered the primary bond market this week in both euros and dollars. Dual tranche deals were popular as borrowers sought to take size without paying heavy new issue premiums.
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A $315m five year loan for Stats ChipPac has been signed after being in syndication for six months. Eight banks eventually formed the lending group.
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A hungry euro market gorged on deals from France and the European Union on Tuesday, instilling confidence that a trio of trades on Wednesday’s menu will go well — despite two of them being in the same tenor.
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Bank Nederlandse Gemeenten, FMO, Japan Bank for International Cooperation and the Province of Quebec all hit screens on Monday for forthcoming dollar deals, with bankers remarking that the SSA market could be set for another hectic week.
