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Covered bond issuers have been reluctant to issue on the same day as a central bank announcement, but this is starting to change
Markets are looking to the authorities to simplify blockchain issues, but they may not have the purest motives
The new European Secured Note market is keen to secure regulatory recognition for the new product but there are advantages to not having it
The possible further internationalisation of the covered bond market will present challenges as well as opportunities
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The rally in European banks’ tier one paper has become a self fulfilling prophecy. Since the first wave of hybrid buybacks began in the fourth quarter, investors have inched up the price of securities in anticipation of more cash tenders to come.
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ThyssenKrupp, the German steel and machinery maker, made a rare visit to the bond market today, tapping into the surge of confidence in European credit since the new year to launch one of the largest crossover-rated bonds in euros.
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The SSA market is on drugs. That is the belief of many market participants who have seen deals from high quality credits fly out of the door as investors across Europe and beyond pump LTRO and New Year cash allocations into just about anything that looks like it won’t default soon.
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Spain is not averse to re-opening bond markets. In July 2010 it effectively re-opened the whole of the SSA syndicated market with a €6bn 10 year trade. However, this week’s €4bn tap of its 2022 Bonos, now that the country is firmly and unmistakably lodged in Europe’s troubled periphery, could prove to be the more meaningful trade.
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Corporate credit investors started the new year in fine spirits, easing their risk throttles open to take January at a fair lick. In the past 10 days they have thrown off their crash helmets too and are gunning the engines as hard as they can. Does freedom beckon, or will they end up wrapped around a tree?
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Corporate default risk is back centre stage. Nine companies have defaulted so far this year, among them Switzerland’s Petroplus, Yell in the UK and the US’s Eastman Kodak.