Crédit Agricole
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CMB HK makes dollar debut with three year — KEB rides RoK tailwind — MCC puts dollar return on drawing board — HK Huafa seeks offshore RMB debut -
Chinese telecommunications equipment provider ZTE Corp has connected with the market for a $600m four year bullet loan, picking a group of three French banks and one Chinese as its leads.
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BBVA returned to the covered bond market for the first time in more than a year on Wednesday with a 10 year Cédulas that attracted 115 investors into the book. The coupon paid was the lowest ever for a 10 year in the history of the Spanish market.
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French insurer CNP Assurances highlighted the scale of demand for sub debt from insurance companies on Tuesday, drawing a monster order book for its first deal in almost a year.
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Air Liquide, the French industrial gases group, is about as unchallenging a credit as they come in the European market. On Wednesday it raised €500m with a very straightforward, 10 year no-grow bond.
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French insurer CNP Assurances highlighted the scale of demand for sub debt from insurance companies on Tuesday, drawing a monster order book for its first deal in almost a year.
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Adif Alta Velocidad, the state-owned company that owns Spain’s high speed rail network, issued its first bond on Tuesday. Despite difficult market conditions, it raised €1bn of 10 year money – just as Carlsberg Breweries did on the same day.
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Storming conditions in dollars this week led to a series of blow-out deals — but a large amount of supply in the last two weeks, plus uncertainty over the outcome of upcoming European elections and what the European Central Bank will do at its next meeting could mean that issuance conditions won’t be red hot for much longer. Those problems could also affect euros — where issuers considering deals at the 10 year part of the curve have the added difficulty of offering a sufficiently enticing yield.
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A dearth of senior issuance this week left the spotlight on the subordinated debt market, and with the market quiet, LBBW and SEB were able to focus on price and sell aggressively priced tier two trades.
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Eurozone periphery issuers showed themselves to be resilient when tackling choppy markets, as borrowers printed a series of strong deals despite yields pogoing over the course of the week.
