BNP Paribas
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The exceptionally advantageous terms issuers can get in the convertible market — and the product’s appeal to the bluest of blue chip names — were highlighted again on Thursday when LVMH Moët Hennessy Louis Vuitton, the French luxury goods group, raised $600m at a deeply negative yield. -
The first missed additional tier one (AT1) coupon payment may not be the harbinger of impending doom some think, but the implications for banks’ capital costs would be severe.
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As European equity markets briefly rallied on Thursday, Ford Credit Europe (FCE Bank) and Praxair stepped into the breach, printing €1.9bn of paper for a starved primary market.
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Kommunalbanken showed there is scope for action in the belly of the dollar curve with the first five year benchmark in the currency for three weeks, but longer dated deals still appear out of reach.
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Concerns over the exodus of real money investors from the covered bond market were put to rest this week as a series of deals met exceptionally strong demand, with the sea change in sentiment being most conspicuous in the French sector.
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Swedbank and SEB this week launched deals that attracted the largest order books and the widest distribution of any covered bonds issued this year, along with the smallest concessions.
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Kommunalbanken on Wednesday sold the first five year dollar benchmark from an SSA in three weeks, printing a $1bn no-grow bond.
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The rare sight of a pulled German bond issue rocked the SSA market Wednesday afternoon. The issuer blamed market conditions but there were rumblings that this was a failure of process, not context.
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The European Investment Bank and Nederlandse Waterschapsbank priced deals on a day in which another issuer pulled a trade.
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Kommunalbanken (KBN) are set to price the first five year dollar bond for three weeks on Wednesday while Italy’s 30 year bond was the first SSA issuance in the tenor for 2016.
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Kommunalbanken is readying a five year bond in what will be the first dollar benchmark in the tenor for three weeks. Meanwhile, European Investment Bank priced a more conservative three year bond.
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A trio of issuers prepared to print in euros across the maturity curve in a dash before the Chinese New Year holiday starts next week, following a pair of euro benchmarks on Tuesday.
