Barclays
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Australia and New Zealand Bank on Wednesday issued the tightest ever deal issued by an Australian bank in euros. The five year bond nevertheless offered a decent pick-up to where covered bonds issued by eurozone banks have been priced, and to the issuer’s curve. -
Santander returned to covered bonds this week with its first deal in nearly two years which, by virtue of its sheer size and duration, was remarkable. The two tranche deal included a 20 year piece that has not been seen in covered bonds for seven years. This was targeted to asset managers and insurers in the private sector — in sharp contrast to many other deals such as a €250m four year tap from LBBW that the Bundesbank mostly bought. The trades rammed home the distortion the European Central Bank's purchase programme (CBPP3) is causing the covered bond market which market makers said had potential to cause considerable mark to market pain.
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Sterling investors got a rare treat on Thursday from Yorkshire Building Society, which re-entered the tier two market for the first time in years, building a four times oversubscribed book.
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Malaysian conglomerate Sime Darby has picked four banks to supply the funds for its latest loan. The size of the fundraising is around $800m and it is split into a revolver and a term loan.
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Yorkshire Building Society is set to sell its first tier two bond in years, building a substantial book for a £250m 10 year non-call five year.
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Korea Development Bank has mandated banks for its first sterling bond in eight years as Korean names start to reappear in the currency, drawn by attractive funding costs.
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Spain's Gas Natural issued its first hybrid capital bond on Wednesday, raising €1bn, after a two day roadshow.
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Gas Natural Fenosa, the Spanish gas and electricity company, is expected to launch its first hybrid capital issue as early as tomorrow (Wednesday).
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French oil company Total priced a £300m six year bond on Tuesday, paying a small new issue premium, according to bankers. The deal follows a spate of recent deals in the currency from Walgreen, Ford and Intu Properties.
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Egypt's Euroget de Invest, has widened price guidance to 12% yield for a $258m bond, proceeds of which will be used to build nine hospitals in Ghana. The deal is expected to be priced on Wednesday with books going subject at 10am in New York.
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mBank, Commerzbank's Polish unit previously known as BreBank, is roadshowing a euro-denominated bond via Barclays, Commerzbank, Credit Suisse and JP Morgan.
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