Crédit Agricole
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Covered bonds maintained primary market momentum this week, but issuers adopted very different pricing strategies and delivered contrasting outcomes. The degree of hesitancy that had been evident in the run up to last week’s European Central Bank meeting disappeared with a robust bid returning for higher yielding bonds. In contrast, low beta deals that offered a negligible spread were only just subscribed.
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Spain dived head first into the enticing liquidity pouring from the European Central Bank and came up dripping with cash this week, but its innovative syndication and two day switch offering combination may well be better remembered for how the ripples affected other sovereigns in the pool rather than the initial splash it made, said bankers. Craig McGlashan reports. -
Swedish construction group Skanska has amended pricing on an existing €550m loan and added two years to its tenor.
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France returned to the primary debt market this week with its first syndicated linker in more than three years, drawing a hefty order book for the inflation-linked bonds despite concerns over deflation in the eurozone.
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Goodman Hong Kong Finance opened the books for its inaugural dollar bond on Thursday following the establishment of an EMTN programme.
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Sovereign, supranational and agency bankers are braced for a busy week of issuance, as demand for paper soars in the wake of the European Central Bank’s unveiling of a series of measures which have butchered rates last Thursday.
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Korea Exchange Bank took full advantage of investor appetite for Korean bonds and jumped on the tailwind of the sovereign to price a new five year inside its existing curve.
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OP Mortgage Bank on Wednesday returned for the second time this year to issue a €1bn five year covered bond. Despite pricing at the tightest spread for any Finnish transaction in the last five years and with a negligible new issue premium, it still attracted a robust level of oversubscription.
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Danske Bank’s first covered bond of the year offered an attractive spread relative to its Nordic peers, making it a straightforward sell for its lead managers. But even so, the final pricing level was just one third of Danske’s differential against top tier Swedish covered bonds issued a year ago.
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The Chinese arm of Ford Automotive Finance is preparing its debut onshore syndication, pressing the pedal on a Rmb2bn ($324m) three year loan that comes hot on the heels of the company’s first auto loan ABS deal.
