Deutsche Bank
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OTE, the Hellenic Telecommunications Organisation, was tempted back to the bond market this week by the remarkably strong rally in its debt, to buy back €500m of old bonds and issue €700m of new ones.
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Scentre, the new Australian listed property company that holds the Westfield Group’s Australian and New Zealand shopping centres, issued its first bonds on Tuesday, and turned to the European market. Despite a weak day, it exceeded its target of €2bn, finding strong demand for a rare four tranche issue in euros and sterling.
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Greece braved the furore surrounding Banco Espírito Santo this week to print its second deal since receiving a bailout in 2010. But the trade fell short of some bankers’ expectations — both in volume and maturity — and some worried that the politically driven rigidity of the sovereign’s funding strategy could come back to bite it if there is similar volatility when it next comes to the market, most likely a seven year bond later this year, writes Craig McGlashan. -
Banco Popular Español postponed a sale of its second additional tier one (AT1) deal after launching the deal into a sell-off in the AT1 market that became progressively worse over the course of the morning. The Spanish bank was looking to issue the transaction at a level market participants said was surprisingly aggressive.
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Europe’s corporate bond market was knocked sideways on Thursday by a gust of fear about peripheral Europe, after problems deepened at Portugal's Banco Espírito Santo. The market has not shut down, but ACS, the Spanish construction company, pulled a deal and no issuer managed to price tighter than its initial thoughts.
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Private healthcare group Générale de Santé will hold a bank meeting this week for a €1.1bn loan to back its takeover by Ramsay Santé.
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The Inter-American Development Bank took advantage of strong demand for dollar paper this week to sell its largest dollar benchmark, while Bank Nederlandse Gemeenten also visited the market, suggesting that appetite remains robust despite many investors getting ready to embark on summer holidays.
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The Republic of Iceland returned to euro syndications for the first time since 2006 this week, with a €750m six year bond that was almost three times oversubscribed and priced at the tight end of guidance. The issuer has plenty of time to consider its next move — its next redemption is in two years’ time.
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Three issuers launched covered bonds this week with varying results, which suggested that the converging trend between core and peripheral Europe has stalled. Banca Monte dei Paschi di Siena (MPS) struggled to attract anything like the demand seen in its previous covered bond as Portuguese woes outweighed the programme’s rating upgrade into investment grade territory.
