Crédit Agricole

Covered bond supply surged to its highest levels in seven months this week, as issuers scrambled to raise funding before the end of the year and costs soar even further.

Donald Trump’s shock victory in the US presidential elections was no obstacle to Santander’s Chilean arm this week as the bank became the first issuer from the South American country to raise financing in Taiwan’s Formosa market, as well as pocketing Sfr125m ($125m) from a clutch of Swiss investors.

Issuers and their bankers have been too slow to react to the swift change in sentiment since the US election. Deals this week out of sync with investor demand from BBVA and ANZ proved it.

Hong Kong Broadband Network has wrapped up its latest syndicated loan, with 22 participants joining the four mandated lead arrangers and bookrunners.

Caja Rural Navarra pushed ahead with its seven year Cédulas Hipotecarias backed by environmental and social governance assets on Wednesday, even though it knew the market was likely to be unreceptive.

Issuers and their bankers have been too slow to react to the swift change in sentiment since the US election. That oversight became glaringly obvious this week with deals from BBVA and ANZ, but the mood swing was clear well before that.

As expected, the loans for the leveraged buyout of Polish auction website Allegro are tightly priced, with tenors of six and seven years for less than 400bp.

Crédit Agricole took advantage of a relief rally in OATs to issue a €1.5bn covered bond on Tuesday which, by virtue of its seven year tenor, offered a larger pick-up to Bunds than any other maturity.

Donald Trump’s shock victory in the US presidential elections was no obstacle to Santander’s Chilean arm as the bank became the first issuer from the South American country to raise financing in Taiwan’s Formosa market.

Donald Trump’s shock victory in the US presidential elections was no obstacle to Santander’s Chilean arm as the bank became the first issuer from the South American country to raise financing in Taiwan’s Formosa market.

Potential lenders to the Z4.8bn loan for the leveraged buyout of Polish firm Allegro will meet in Warsaw on Thursday where the deal will be launched into general syndication.

French banks could be free to issue tier three capital this month, as a new law establishing terms and conditions for the new asset class enters the final phase of the country’s legislative process.