Deutsche Bank
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Deutsche Bank offered large new issue premiums in an effort to lure investors towards four tranches of non-preferred senior debt in euros and sterling on Tuesday. The decision to include a two year offering caught some market participants by surprise. -
Latam Airlines returned to the bond market for the first time in almost two years, printing $600m of seven year paper.
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Deutsche Bank’s weak set of results on Friday were driven by losses in its corporate and investment bank, notably in fixed income and currencies trading, but bank chiefs suggested the CIB performance was set to improve. The bank, subject to rumours about a merger with Commerzbank, also made sure to state that it had more than enough capacity to pay additional tier one coupons.
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Barclays has made two hires in its FX trading and distribution team. This included appointing another FX specialist who used to work for Deutsche Bank.
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Conditions for public sector dollar issuers held firm this week after an excellent start to the year, although deals were thinner on the ground thanks to a US Federal Open Market Committee meeting. Chinese New Year holidays next week will give the sector a much needed breather — after which three-years might move more into vogue than fives, said SSA bankers.
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Euro agencies favoured fives over the last seven days, as KfW smashed its order record and a pair of French agencies brought taps at sizes multiple times their target. With some SSA bankers saying conditions are the best they have ever seen, supply looks likely to keep coming.
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While banks fight shy of big-ticket mergers, a select group of private equity firms are leading the restructuring of the industry in Europe, writes David Rothnie.
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Harley Davidson made heavy weather of strong US bond market conditions on Thursday after a dovish Fed and a month-long rally in spreads appeared to set the dollar market up for a strong run of issuance in February.
