Deutsche Bank
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Chinese property developer Kaisa Group Holdings reset the price for all of its bonds on Wednesday when it sold a $300m sub-one year note. -
Standard Chartered sold its first capital instrument in euros since 2014 this week, clocking up a considerable 40bp saving versus the dollar market. The deal adds to a recent flurry of tier two supply from European banks.
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Four public sector borrowers hit the dollar market on Wednesday, including a rare seven year deal from new issuer International Development Association (IDA).
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The European Investment Bank raised $5bn with a three year global benchmark on Tuesday, setting the stage for fellow SSA borrowers to tap the dollar market later in the week.
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Deutsche Bank was on target to launch its first ever green bond on Tuesday. Investors were piling into the deal, which was said to have included a healthy premium at the outset.
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BBVA surprised market participants by becoming the first bank to issue a Covid-19 response bond in Europe this week. There will be follow-on deals as the format catches on in credit markets — high grade corporates are looking to do deals too — but it is unlikely to be exploited as widely as it has been in the SSA market. David Freitas and Mike Turner report.
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HSBC Holdings is the latest European financial institution to have looked at launching a new deal for the minimum requirements for own funds and eligible liabilities (MREL) while simultaneously announcing tender offers on existing bonds.
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Corporate bond investors piled into the three environmental, social and governance trades on screens this week, as bankers said the focus in the high grade market is shifting from crisis mode back to socially responsible debt.
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France impressed as it received a record €51bn order book and paid a small new issue premium with its first syndication since the outbreak of the Covid-19 pandemic. The sovereign was joined in the long end of the curve this week by two sub-sovereign borrowers as investor appetite for duration grows, with more supply expected to follow.
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European insurance companies were busy raising capital in every major currency this week, as they showed they were not willing to let a strong issuance window pass by them amid Covid-19.
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The Belgian region of Wallonne took advantage of the growing demand in the long end of the curve to sell its first social bond on Thursday, although it had to pay a chunky new issue premium to do so. Elsewhere, Bpifrance received plenty of demand to print €1.25bn with a 10 year trade.
