Barclays
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The European Investment Bank and the European Union kicked off April by printing impressive benchmark deals, yet despite this strong start to the quarter SSA bankers fear that a combination of the threat of a Brexit and the low yields on offer in the euro market will make conditions extremely challenging for issuers.
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Covered bond borrowers in the UK, Sweden, France, New Zealand and the Netherlands met with strong receptions for their transactions this week, which collectively raised nearly €6bn.
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The Joint Laender reached its 50th deal two months after it was forced to postpone a planned transaction, printing a €1.5bn seven year benchmark that proceeded smoothly this time round.
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European and US banks have positioned themselves at the forefront of the Chinese M&A boom, but beware the ambitions of domestic players, warns David Rothnie -
Delta Lloyd will announce on Thursday evening or Friday morning the take-up for its controversial rights issue, which was cut in size from €1bn to €650m after public protests from some investors. The exercise period ended at 2pm CET on Thursday.
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Ahli Bank Qatar printed its $500m five year bond on Wednesday from a $1.2bn book, demonstrating that there is investor demand for Middle East bank debt at the right price.
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Rather than cherry picking its favourite banks for its $10bn sovereign loan, the Kingdom of Saudi Arabia will “pull together a handful of banks” to get the deal done, according to a banker in discussions with the sovereign.
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The short end of the dollar curve is enjoying a purple patch, with public sector borrowers drawing big books and pricing with much lower new issue premiums than earlier in the year.
