Credit Suisse
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Sberbank printed $1bn of subordinated debt on Tuesday at a price that three syndicate managers away from the deal said was very aggressive. After being priced at par, the note was trading at 99.75-100 on Wednesday morning, initially indicating that the leads were right to push it, but it had sunk as low as 98.875 on Thursday afternoon, fuelling thoughts that pricing was too tight for the deal size.
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The covered bond primary market lived up to supply expectations this week with five issuers tapping the market in the first two days of the week. BNP Paribas stood out, showing the strength of its brand, and the market, by pricing the tightest French covered bond deal of the year.
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A lack of triple-B rated deals in Swiss francs this year created an opportunity for Goldman Sachs this week. A new long five year from the US investment bank saw strong demand despite being priced flat to secondaries.
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Issuance of European subordinated FIG debt hit its highest year-to-date level since 2007 this week, as tier two debt wrested the limelight back from senior unsecured with a small but solid deal from Swedbank and a €5bn book for ING. -
Credito Emiliano’s €750m five year has earned praise for its tight pricing, but it was demand from outside the eurozone, including from Asia and Switzerland, that suggests Italy’s recovery story is gaining traction.
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The European Stability Mechanism will sell its first benchmark deal of 2014 next week and SSA officials have their money on it being a seven year.
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Corporate bond issuance is set to get busier again in Europe next week, bankers say, with a drive-by deal also possible on Friday.
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Banco Comercial Português’ successful return to the senior unsecured market was driven more by renewed demand for its name than a general pick-up in eurozone sentiment and a hunt for yield, said bankers who worked on the deal.
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Sberbank printed $1bn of subordinated debt at a price that three syndicate managers away from the deal called "very aggressive". But after being priced at par, the note was trading at 99.75-100 on Wednesday morning, indicating that the leads were right to push it.
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Investors piled into ING’s issuance of tier two debt on Tuesday, with lead managers building a €5bn book for the €1.5bn deal. But despite a strong pipeline building in additional tier one, tier two debt is not expected to be quite as busy.
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FIG investors continued to defy ratings agencies on Wednesday as they deemed two periphery credits more than worthy of investment in senior unsecured.
