Commerzbank
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The message from market participants at the Euromoney/GlobalCapital Corporate Summit in Paris on Monday was clear: private placement investors need to go global.
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No deals were announced in the European FIG space on Monday and, with markets entering their fourth quarter on Thursday, pressure could increase on banks still looking to issue debt. -
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The European Union has just €1.2bn left of a €5.2bn funding plan for September and October, having raised €2bn with an eight year this week that many bankers praised as evidence of normalisation of the pricing process in euros.
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Several public sector borrowers are tipped to come into a reopened dollar market next week — but some SSA bankers warned that conditions are still not at full strength.
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Banco Popular Español (BPE) and Caja Rural de Castilla-La Mancha (CRCLM) issued Cédulas this week that were barely subscribed and relied heavily on demand from the European Central Bank.
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Swedbank and SR Boligkreditt defied tricky market conditions this week to respectively raise €1.25bn and €500m in five year covered bonds.
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The European Union has taken another bite out of its £5.2bn funding plan for September and October with an eight year effort.
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NRW.Bank has priced a benchmark at the tight end of guidance in the busiest dollar SSA market in several weeks — one that could still host a few more deals.
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A pair of issuers are set to bring the first euro benchmarks of the week on Thursday, amid calls for the European Central Bank to skew its bond buying in favour of the public sector.
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Conditions across both euros and dollars are as healthy for public sector borrowers as they have been for several weeks and, while issuance was low this week, bankers are confident that volumes will grow.
