Deutsche Bank
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The world’s largest pork processing company has launched its jumbo IPO with a 28-strong syndicate, which could results in some disagreements, particularly as the valuations of comparable companies are so diverse, said bankers on the trade. -
Anheuser-Busch InBev, the Belgian-US brewing company, on Wednesday joined the spate of large companies issuing multi-tranche deals into the present super-hot euro corporate bond market. Its deal was marked by two current trends: the popularity of floating rate notes and of 12 year bonds.
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Bank of Nova Scotia’s inaugural legislative covered bond, issued this week, is unlikely to offer much performance and is not eligible for bank liquidity buffers, but it offered genuine diversification to a hungry market. At 9bp the deal was priced on the tight side of expectations with little scope for performance.
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The second visit by a non-European supranational to the euro benchmark market since the euro/dollar basis swap neared parity late last year could encourage its peers to print in the currency over the coming weeks. The Asian Development Bank’s debut euro benchmark this week offered more enticing pricing than when the World Bank opened the market late last year — but by printing a larger deal, it was equally if not more impressive in many bankers’ eyes.
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Two UK building societies took to the euro market this week, with Nationwide and Leeds Building Society selling senior debt. Both issuers fell victim to a weak tone, with Leeds’ bonds struggling in the secondary market and Nationwide failing to reach its maximum size ambitions.
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Damac Real Estate Development has lined up roadshows as it plans to issue a debut dollar sukuk.
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Airbus Group, also known as the European Aeronautical, Defence and Space Co, was cheered by investors on Tuesday on its return to the euro bond market for the first time for five years.
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Glencore Xstrata issued a €1.1bn seven and 12 year euro bond on Tuesday, as so many industrial blue chips have done in recent weeks, but unlike most of the other deals, it was no blowout. Unlike those deals, Glencore's seven year tranche was better bid than the 12 year.
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The European Investment Bank sold the first sterling green bond from a public sector issuer on Wednesday. The deal's strong reception should encourage other issuers to look to print green bonds in the currency, said SSA bankers.
