Deutsche Bank
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Deutsche Bank is at real risk of failing to pay coupons on its additional tier one instruments, as a potential $14bn US RMBS settlement threatens to erase the bank's available distributable items (ADIs). Outstanding DB AT1 securities reacted accordingly last Friday, shooting nearly 200bp wider. -
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A trio of top tier SSA names nipped through a narrow issuance window at the start of the week to launch tightly priced dollar benchmarks.
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With additional tier one (AT1) issuance volumes at record lows, yield-strapped investors are so thirsty for new paper that cash prices have remained steady throughout the week’s volatility.
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Winsconsin’s Spectrum Brands, the consumer products conglomerate ended a two day roadshow on Wednesday with the sale of euro notes that will repay dollar bonds, an uncommon transaction in the euro market.
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Tobacco product manufacturer Swedish Match stepped into the euro corporate bond market on Wednesday to cut its financing costs.
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Rentenbank updated its on-the-run 10 year Kangaroo year note on Wednesday, trying to keep Asian investors interested in this key area in the borrower's funding programme.
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US coatings maker Axalta on Tuesday sold a €450m bond to redeem its 2021 euro notes, a month after it redeemed its 2021 dollars, cutting its coupon by 200bp.
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Deutsche Bank issued a 2022 Norwegian krone bond on Wednesday, colouring its curve in the Nokkie market.
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Italian oil and gas company Eni jostled with four other issuers on one of the European corporate bond market's busiest days of the year as it issued a dual tranche offering on Tuesday.
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Deal fatigue is not a term World Bank investors seem familiar with after they put in $4bn of orders on Tuesday for the borrower's fourth five year dollar benchmark of the year, allowing it to be priced at the tight end of guidance.
