Citi
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This week’s sharp Bund sell-off has shone a revealing light on the European public sector bond market’s dwindling support and growing execution risk, writes Craig McGlashan. -
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A nervous tone in the FIG market has already crushed Banco Popolare’s hopes of printing tier two before its quarterly results, and conditions could be just as tough next week.
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Middle East issuance has accounted for nearly 38% of CEEMEA bonds printed so far this year, and that surge is shaking up the CEEMEA league table.
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Time Warner is the latest of several investment grade US companies to have hired banks for a euro bond recently, despite the high cost of swapping euro bond proceeds into dollars.
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Bank of Ireland paid a decent 3bp-4bp new issue premium for its seven year covered bond on Tuesday. Despite that, it was the issuer’s least subscribed deal since 2012.
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Nederlandse Waterschapsbank, which raised $600m at the short end of the dollar curve on Thursday, is considering the currency for its next green effort.
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Li Ka-shing’s Cheung Kong Property is scheduled to sign its reorganisation loan at a reduced size of HK$40bn ($5.16bn) with 28 lenders. The trade, which started out at HK$55bn, was heavily oversubscribed as 28 banks piled in with commitments of at least HK$5bn each.
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India’s Bharat Petroleum Corp (BPCL) has made a successful return with a new 10 year trade. Although the Asian bond market was crowded with deals this week, the Indian oil and gas company managed to find a good window to raise $500m.
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UK publisher Pearson has followed up its successful return to the euro bond market last year with a tightly priced 10 year, almost five times oversubscribed.
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Solairedirect, the French solar power developer and asset manager cancelled its planned Paris IPO on Wednesday, having tried, but failed, to get enough investors on board until the very final day of bookbuild.
