Credit Suisse
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Rabobank’s inaugural additional tier one marked not only the first such deal from a Dutch issuer, but the first AT1 deal of the year. Though the deal was priced into a market full of uncertainty, its sturdy reception, if less ecstatic than previous trades, suggests that investors are approaching the asset class with more sobriety than in 2014. -
Dutch cable company Ziggo accelerated its dual currency bond issue to price it on Wednesday after its sister company, Virgin Media of the UK, had sold the first bond of a restructuring plan involving four Liberty Global cable subsidiaries.
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Liberty Global, the European cable investment group, on Tuesday laid out to lenders the terms of a complex refinancing process which will combine the debt of two merging Dutch subsidiaries, UPC Netherlands and Ziggo.
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The Swiss National Bank’s shock decision to unpeg its currency from the euro on Thursday morning made selling a new May 2023 bond a tougher than normal task for Caisse d'Amortissement de la Dette Sociale, although the deal still hit full subscription, according to one of the leads. With the European Central Bank expected to announce sovereign quantitative easing next week, the window for eurozone issuers to print is getting smaller — although a new agency is known to be looking.
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The Swiss National Bank’s decision to abandon its euro peg on Thursday is likely to cripple earnings at Switzerland’s two international investment banks. But it could deliver an unexpected capital boost as well, changing the game as the two institutions race to meet onerous capital rules imposed in the “Swiss finish”.
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European high yield is back. That is the unequivocal conclusion of market participants after a strong week of issuance has broken the market's five month dry spell, writes Victor Jimenez. Now, the market is ready to return to full functionality — which will be marked by the return of single-B rated issuers.
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UK travel operator Thomas Cook is set to price its €400m high yield bond on Friday, riding a wave of successful high yield issues this week.
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Investment grade corporate bond issuance soared on Wednesday with a €1.75bn ($2.03bn) dual tranche deal from Toyota Motor Credit; benchmark bonds from Iberdrola and Evonik; and debuts from US Reit WP Carey, and UK charity the Wellcome Trust. In total, €4bn of bonds were issued.
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Caisse d'Amortissement de la Dette Sociale took a lead from the European Financial Stability Facility on Wednesday, mandating banks for a novel eight year deal. The announcement came the same day as the French agency unveiled its funding target for 2015.
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Liberty Global, the European cable investment group, laid out to lenders yesterday the terms of a complex refinancing process, which will combine the debt of two Dutch subsidiaries, UPC Netherlands and Ziggo, which are merging.
