BBVA
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Two more European sovereigns have hit screens with 10 year euro mandates, hoping to enjoy the same success that Portugal and Belgium with their deals at the 10 year range this year. -
German healthcare group Fresenius brought euro corporate bond investors their first jumbo deal of the year on Tuesday as it financed its acquisition of Spanish hospital operator QuironSalud.
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BBVA and BFCM chose to issue five year debt on Thursday, as vanilla senior debt took precedence over capital and loss-absorbing securities.
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BBVA and BFCM offered investors a rare chance to grab vanilla senior as the euro market heated up on Thursday, with the latter bucking the recent trend for French banks to sell new non-preferred notes.
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Renault Credit International Banque, the finance subsidiary of Renault, became the first corporate bond issuer of 2017 on Tuesday, slipping through the year’s earliest possible window to issue in euros.
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The covered bond market is expected to shrink by around €12bn in 2017, according to analysts at BBVA.
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Deutsche Bank’s Spanish subsidiary kept its commitment to issue around €2bn of Cédulas a year and on Wednesday launched a well-oversubscribed €1bn five year, even though the cost was much higher than the European Central Bank’s Targeted Long Term Refinancing Operation.
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Covered bond supply surged to its highest levels in seven months this week, as issuers scrambled to raise funding before the end of the year and costs soar even further.
