Deutsche Bank
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Investors scrambled for Dexia Crédit Local’s short dated floating rate notes this week amid a lack of bank supply. Several Nordic banks have yet to post levels after coming out of blackout over the past week, and those that have are posting too aggressively to find demand, said bankers.
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Three periphery issuers took the limelight in the senior market this week — Banco Espírito Santo, Bank of Ireland and La Caixa all selling euro benchmarks. All three issuers can be pleased with their order books — La Caixa recording hefty demand and Bank of Ireland and BES impressing on quality. -
Flint Group, which provides products and supplies for the printing and packaging industries, was oversubscribed in commitments for its €1.5bn-equivalent of debt, after widening the pricing on the Thursday.
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Frankfurt struck a blow this week in its battle to become Europe’s primary hub for renminbi business when German state development bank KfW became the first issuer to list renminbi bonds on the city’s stock exchange. The city is likely to become a popular spot for European issuers — particularly German corporations — listing similar debt.
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Compagnie de Financement Foncier (CFF) came to market with its second Obligation Foncière of the year on Tuesday, matching the previous deal’s €1bn size — but this time in a 10 year maturity, rather than five year tenor.
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Goldman Sachs was the clear winner in Apple’s $12bn bond deal after pocketing $15.3m in fees, or 64% of the $23.9m payout.
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Flint Group, a maker of products and supplies for the printing and packaging industries, has widened the pricing on €1.55bn-equivalent of loans, hours before commitments are due.
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Bank of Ireland highlighted the rehabilitation of financials from the eurozone's periphery in the eyes of investors on Wednesday by drawing a high quality order book for a new three year benchmark. La Caixa was also in the market with a comfortably oversubscribed three year bond.
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Montenegro is on the road next week, visiting investors in Zurich and Geneva on Tuesday, Munich, Vienna and Frankfurt on Wednesday and London on Thursday. Citi, Deutsche Bank and Erste Bank are arranging the meetings.
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An orphan special purpose vehicle that is raising a loan of around $2bn to finance oil purchases by BP from Rosneft is still moving ahead with the deal, but in the tense atmosphere around Russia, has abandoned plans to tighten the margin.
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Colombia oil pipeline operator Ocensa brought spectacular price tightening and bumper books back to the LatAm bond market on Wednesday when it priced a $500m debut bond 40bp inside initial pricing thoughts.
