Currencies
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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. -
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.
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CPPIB Capital made a strong return to the 10 year part of the euro curve on Wednesday, with a book over two times covered and a new issue premium of just 1bp. Bremen also hit the euro market, selling €500m of 30 year paper through its curve.
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A sustained revival of confidence in Turkish markets has caused the lira and other metrics to improve in recent days. That, market participants said, has strengthened the country's standing in international debt markets to the point where it could consider a long dated new issue, though concerns around rising US rates are simmering away in the background.
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Two SSA borrowers hit screens on Tuesday to announce benchmark bonds. Deal flow in the SSA market has slowed after the January rush, but borrowers are still keeping investors busy with a regular flow of deals.
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Thai Union Group, a seafood producer, has raised its first sustainability-linked loan of Bt12bn ($401m)-equivalent from the Thai and Japanese markets.
