Commerzbank
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Guarantor: Federal State of North Rhine-Westphalia
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While banks fight shy of big-ticket mergers, a select group of private equity firms are leading the restructuring of the industry in Europe, writes David Rothnie. -
Several public sector borrowers tapped the socially responsible investment (SRI) market this week, with more deals expected in February, before what many analysts expect will be a record year for the asset class.
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A quiet week for corporate bond issuance may have helped BMW Finance achieve tight pricing on Thursday, but selling its largest ever deal with new issue premiums in single digits was still an excellent outcome when compared to the premiums being paid at the start of the month.
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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It was another sparkling week in dollars for public sector borrowers, with Asian Development Bank the pick of the bunch as it brought the tightest deal of the year so far versus Libor and US Treasuries. More supply is expected for next week, although some SSA bankers feel the market could do with a “breather”.
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Wider euro spreads versus swaps and Bunds had already led to some superstrong trades in the currency this year, but Spain outdid them all this week with the largest ever book for a public sector euro benchmark. Every other euro deal also attracted heavy oversubscription with minimal concession, paving the way for expected supply next week from a “large German agency in the short end” and a “central European sovereign in 10 years”, according to one head of SSA syndicate.
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Germany’s largest residential property company Vonovia attracted €4.5bn of demand for its latest deal on Thursday, as the property sector continues to be one of the more popular in the corporate bond market.
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The public sector dollar market on Wednesday showed that it had more than enough depth to cope with a pair of issuers bringing deals in the same maturity with just a basis point of difference in initial price thoughts, as both trades came in size and at tightened pricing. Another agency is set to dip into the demand on Thursday.
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Two SSA borrowers will go head to head in the dollar market on Wednesday, bringing five year benchmarks with only 1bp difference in initial price thoughts.
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Spain came to market on Tuesday, printing its traditional January 10 year euro benchmark and receiving an overwhelming level of demand.
