Currencies
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Svenska Handelsbanken returned to the Kangaroo market this week to print a five year preferred senior deal at a decade tight level, as the long-term absence of funding from the Aussie market's major domestic banks drives down senior spreads. -
Handelsbanken is set to return to the Australian dollar market for the first time in nearly two years this week, as Aussie dollar senior paper rallies thanks to the long term absence of funding from the market's major domestic banks.
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Agricultural Bank of China (ABC) took a three-pronged approach to its deal on Tuesday, raising nearly $1bn across two dollar bonds and one Hong Kong dollar tranche. The bank was able to squeeze the spread on its notes to new lows, riding on the strong secondary market performance of deals from the big Chinese banks.
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BNP Paribas and UBS opened the offshore Australian dollar FIG market for 2021 this week, with a pair of new senior deals.
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BPCE found plenty of demand for a long-dated senior deal in euros on Monday, even as secondary spreads drifted wider.
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Fund managers are eyeing up opportunities in the additional tier one (AT1) market this year, with spreads still said to be well wide of their potential lows.
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Asia Allied Infrastructure Holdings, a Hong Kong-listed property developer and investor, has returned to the loan market after one year. It has raised HK$1.3bn ($167.6m) from a group of five banks.
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The rally in Swiss fixed income over the last year allowed Geneva Airport to price a new 10 year deal this week 70bp tighter than where it printed a three year deal last April.
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Hamburger Hochbahn, the city public transport operator, made its bond market debut on Wednesday, slotting into the market neatly with a €500m 10 year green bond and a €3bn order book.
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Rabobank found good demand for a 12 year senior bond in the euro market this week, as it took advantage of rise in rates to land at a record tight spread.
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Italy hit the market with a dual tranche on Tuesday, raising €4bn with a 30 year linker and €10bn with a new 10 year BTP. A sharp move in pricing on the 10 year leg meant it lost €45bn of orders, but SSA bankers on and off the deal said the trade was still a good result.
