Crédit Agricole
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Covered bond bankers have developed a penchant for testing market appetite on days when key buy-side accounts are likely to be thinly staffed it seems. -
The European market will have to wait. After talk that Ceva Santé Animale, the French maker of veterinary vaccines, would raise the first euro-only covenant-lite leveraged loan since the financial crisis, it has now emerged that the €700m transaction will also include a dollar tranche.
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Gas Natural Fenosa, the Spanish gas and electricity company, issued on Thursday the first Spanish corporate bond of the year, and was swamped with a €5bn order book for the €500m no-grow issue.
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BP continued a busy month of bond issuance on Tuesday with a €2bn issue, which echoed in scale the €2.5bn dual trancher it sold in February 2012.
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Landesbank Baden-Württemberg (LBBW) returned to the covered bond market on Monday to issue a €500m 15 month Pfandbrief. The short dated funding was driven by the issuer’s asset liability matching needs and provided cheaper funding than it could have found in the money markets.
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The European Stability Mechanism sold its first benchmark of 2014 this week, enjoying strong demand despite pricing comfortably through the curve of the European Investment Bank — the first time the supranational has done so with a new issue. The European Union is expected to give investors another taste of European supranational paper next week.
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French carmaker Renault obtained a €6.2bn book for its €500m seven year bond on Tuesday, as it rode the wave of demand for crossover-rated corporate bonds.
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Hong Kong's IFC Development is expected to make its first appearance in euros soon, with bankers preparing to launch a three year deal following a successful roadshow in Europe.
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Gas Natural Fenosa, the Spanish gas and electricity company, today issued the first Spanish corporate bond of the year, and was swamped with a €5bn orderbook for the €500m no-grow issue.
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A spike in dollar/renminbi (onshore) following fixings from the People’s Bank of China has opened an opportunity for investors to go long renminbi volatility via one-month at-the-money straddles, buying a call and selling a put with the same strike.
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Saudi Arabian telecoms firm Mobily has signed two Shariah-compliant financing agreements totalling Sr2.1bn ($536m) with Nordic export credit agencies, to fund the acquisition of equipment from Ericsson and Nokia Siemens Network (NSN).
