Deutsche Bank
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Technology powerhouse and Alibaba rival Tencent is on the road following the establishment of a $5bn GMTN programme on Thursday. -
A quiet first quarter of FIG issuance from Latin America has drawn the region’s banks into a bond market that has delivered tightly priced bonds, said bankers. Santander Chile and Brazil’s BNDES benefited this week, with BNDES’s deal of particular encouragement to other Brazilian bank issuers, according to DCM bankers in the country.
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Greece vanquished fears that its return to the capital markets on Thursday could be a Trojan horse full of fast money, with a deal that attracted a majority of real money investors and more than 90% international participation. Around 600 accounts filled an over €20bn book in just one hour, causing one lead manager to declare the deal a “gold rush”.
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Six bank and finance names raised $14.5bn in the space of three days, boasting bulging order books and minimal new issue concessions as investors scrambled for extra yield.
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On Thursday UBS issued its first covered bond since January 2012, capitalising on market momentum created by the Lloyds trade on Wednesday, which was the same size, tenor and rating.
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In what was an all-around impressive week for peripheral bank issuers, Allied Irish Banks and Italy’s Intesa Sanpaolo printed five year senior deals, proving investors are willing to go further out on the credit curve for longer in the search for yield.
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Monier has sold its €565m of bonds and loans in floating rate products only. The French roof tile maker priced €315m of high yield FRNs and €250m of term loans and scrapped a fixed rate bond tranche, even though fixed rate interest would have been marginally cheaper.
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The European Bank for Reconstruction and Development sold the only dollar benchmark of the week on Wednesday, in what could also be its only benchmark of 2014. The deal drew some criticism due to a tight spread, but is expected to perform well in the coming weeks.
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Caisse Centrale du Crédit Immobilier de France (3CIF) sold its first government guaranteed benchmark bond this week. Good investor interest allowed the issuer to complete about a quarter of its funding target for 2014, despite what some bankers felt was an aggressive level over government bonds.
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French lender BPCE is set to sell its debut Kangaroo bond on Friday in what will also be its first foray to the public Aussie dollar market. The issuer is likely to benefit from a lack of competing supply from Australian lenders and good recent demand for European banks.
