Deutsche Bank
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Public sector borrowers are piling into the dollar market at the start of the week, with a US Federal Reserve rate decision on Wednesday likely to shorten the issuance window. -
UK financial software firm Misys launched a $1.5bn equivalent refinancing loan package on Monday with a bank meeting in London.
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India’s equity capital markets started the week on a positive note, with the first private sector insurance company beginning to take orders for its IPO.
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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.
