Crédit Agricole
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Five issuers from core Europe priced covered bonds this week but the standout success, which could have been priced without the European Central Bank’s help, was the first Austrian deal of the year from Erste Bank.
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A series of oversubscribed deals among core issuers could encourage Austria to seek a print in the current market.
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A trio of Spanish issuers launched the first covered bonds of the year from southern Europe this week but, with peripheral spreads widening sharply, conditions are not conducive to further supply.
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FIG issuance ground to a halt on Thursday as borrowers paused to reflect on weak secondary trading and a global sell-off in equities, leaving Dexia Crédit Local alone in the market. -
Additional tier one paper (AT1) from Intesa Sanpaolo and Crédit Agricole was holding firm in secondary on Thursday, despite global equities flashing red again, and bankers feel a lack of fast money is helping the asset class.
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LGC, the UK life sciences company, has set price talk on its £500m debt package backing its acquisition by KKR from Bridgepoint after holding bank meetings January 13.
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Swedish telecommunications company Tele2 has retained all of the original lenders as it refinances a €800m revolving credit facility.
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Financial institutions have taken an early plunge into additional tier one bonds this week, as European and US investors show willing to take on risk and put cash to work.
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South Korea’s Woori Bank sealed a 144A return to the international bond market on January 12. The issuer’s aggressive pricing strategy kept US investors at bay, but it was unavoidable as the borrower wanted cheap funding, said bankers on the deal.
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The European Financial Stability Facility and Nederlandse Waterschapsbank on Tuesday brought euro benchmarks in five and seven year maturities. Now much more at those tenors is expected.
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Poor liquidity in the additional tier one market could keep new issue premiums in the product high for some time to come, according to some FIG bankers, who saw Crédit Agricole seek the depth of the dollar market again on Tuesday.
