Currencies
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The third week of July finally saw the summer lull kick in, with SSA issuance volumes at less than half of what was sold last week. But Bank Nederlandse Gemeenten still managed to snatch up a successful tap, and SSA bankers and issuers reckoned the market still bodes well for new issues. -
Canadian Imperial Bank of Commerce (CIBC) sold its first senior unsecured Swiss franc debt on Thursday as opportunities for arbitrage grow for well-rated credits.
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Electricity network operator Terna has sold the first investment grade corporate bond from an Italian issuer since the formation of the country’s new government and was rewarded with an order book that was more than 5.5 times subscribed, demonstrating an investor base that is open to Italy risk once more. Nigel Owen reports.
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LCH RepoClear has raised its margin on several Italian government debt securities, but the market reaction has so far been muted, according to analysts.
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After a tough run for issuers, the euro corporate bond market appears to have headed for its summer holiday early this year. The sterling market, however, kept investors busy last week, and the Bank of England’s monetary policy committee meeting in August is being closely watched.
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Bank Nederlandse Gemeenten on Tuesday achieved big size and a decent price with a €750m tap of a 10 year bond whose original issue had underwhelmed — leading one SSA banker to reference Hollywood by calling the reopening the “Shawshank Redemption”.
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Huarong Investment Stock Corp has returned to the loan market for a HK$3bn ($382m) dual currency borrowing, offering similar terms as last year.
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The State of North Rhine-Westphalia’s decision to tap into a glut of long end euro demand won the praise of BondMarker voters, as it fell just short of an average score of 8.0.
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