Commerzbank
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The public sector bond market in euros is in rude health thanks to the return of stability at higher yields. Two borrowers took advantage of the conditions to pull off smooth executions with skinny new issue premiums on Thursday. -
Syndicates have encountered some difficulty in placing financial institution bonds this week, but there is optimism in the face of widening spreads. This is just as well for HSBC’s plans to raise $5bn-$7bn of the most risky form of bank debt in the first half of the year.
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Borrowers have broken the 10 day spell without a deal in the European high yield market, and are coming back with refinancing deals. Faurecia, the French car parts manufacturer, opened the new batch with a refinancing deal on Thursday.
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FIG syndicate bankers are advising issuers to get on with their capital and funding plans as quickly as possible in 2018.
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The equity capital market has kicked back into life this week with a number of high profile deals to test investor appetite. But with investors challenging IPO valuations and volatility causing a scare, lead managers might have to start selling deals on their fundamentals rather than relying on bullish market sentiment to do the job.
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Commerzbank’s senior deal on Tuesday was a test of demand for German long-dated senior bonds in the face of market volatility, rate rise expectations and a change to rules over European Central Bank's collateral eligibility.
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Siemens has begun the IPO process for the highly anticipated spin-off of its health division, Siemens Healthineers, by releasing its intention to float document.
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German car rental and leasing company Sixt sold just the second corporate bond issue of the week when it copied the format of its four previous deals, which the company has sold at two year intervals.
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Mediobanca is selling five year senior preferred Swiss franc bonds, one day after National Australia Bank (NAB) and Société Générale raised funding in the market. Cross-currency basis swaps are improving for foreign issuers in Swiss francs, and interest rates are rising — which means there a more windows for banks to place opportunistic bonds.
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Bank Sohar, the Omani bank, is expected to sign an oversubscribed three year loan for $300m by the end of February. Demand for the facility has been high from international banks despite the country’s rising budget deficit.
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Real estate investment trust (Reit) issuance is rising in private debt markets, as spreads compress and borrowers look to lock in long term debt before expected interest rate rises.
