Deutsche Bank
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Investors in privately placed MTNs are searching far and wide for yield. Bank issuers from Asia and the eurozone periphery are finding strong demand and will send a spate of notes in the coming weeks, medium term note dealers say.
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Only a handful of regional finance officials stand between additional tier one debt and one of its most highly coveted markets. But the final emergence of German AT1 — to be led by Deutsche Bank, which has already signalled its appetite to issue the product in significant size — may still be some way off as the authorities in Berlin emphasise co-ordination and caution, writes Graham Bippart. -
Lloyds Bank has completed the non-US portion of its exchange of tier two capital instruments for CRD IV-compliant additional tier one, and succeeded in increasing the capital raising.
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Central and eastern European sovereigns are poised to follow Hungary’s bold lead by jumping into the international bond markets to take advantage of a spectacular CEEMEA relief rally, writes Steve Gilmore.
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Piraeus Bank built a blow-out book for its three year bond, in a transaction that could herald the coming of a wider array of peripheral borrowers.
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Royal Dutch Shell, the UK-Dutch oil company, issued its first euro bond since 2009 on Wednesday, completing a hat-trick of bond issues this week by oil majors.
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Banco do Brasil brought its debut euro transaction up to €1bn with a well-timed €300m tap this week as the issuer took advantage of a rally in Brazilian paper as accounts dumped Russian risk. And a chunky new issue concession ensured a strong secondary performance, even as comments about quantitative easing and interest rates from the US Federal Reserve put pressure on markets.
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Abengoa has increased its seven year high yield bond to €500m. The Spanish engineering and renewable power group priced it at the tight end of guidance on Friday.
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US interest rates are likely to rise next year. Janet Yellen dared say as much at her maiden press conference as Federal Reserve chair on Wednesday, provoking a swift rise in the Treasury curve.
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Spanish pharmaceutical company Almirall sold its debut high yield bond a day early on Wednesday afternoon, with a well oversubscribed book.
