Deutsche Bank
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Relations between the US and Russia reached their worst pitch of tension for 25 years this week – yet for the corporate bond market, blue sky stretched to the horizon.
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Praxair, the US industrial gases group, launched its first bond outside dollars on Tuesday, with a €600m six-year issue that was priced tightly, though still at a concession to Linde and Air Liquide, its main European peers.
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Belgium, KfW and the European Financial Stability Facility could be first in line with euro benchmarks after issuers largely avoided a tricky time this week that included German holidays, a European Central Bank rates decision and uncertainty over the stand-off between Ukraine and Russia.
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Promsyvazbank (PSB) postponed its tier two dollar bond on Monday because of growing tension between Russian and Ukraine, but the borrower has every intention of returning to market once conditions improve. The Republic of Azerbaijan, meanwhile, has pushed on with investor meetings although it will likely face higher spreads for its inaugural dollar sale unless the situation is resolved soon.
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Nationwide Building Society’s sterling additional tier one trade attracted what bankers on the deal said was the largest order book ever for a sterling trade from a financial organisation. The success of the trade — the first sterling AT1 — and it’s unique structure could open up the market for a variety of different issuers, according to bankers on the deal.
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Avis Budget took advantage of strong high yield demand to open books today for a tap of its 6% March 2021 bonds.
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Banco Santander Chile sold the first Kangaroo bond from a Latin American financial on Thursday, but bankers away from the trade were disappointed with the small deal size. They said the short maturity limited investor interest, though another source argued that the deal did attract a diverse order book. -
Adira Dinamika Multi Finance launched its $200m facility to the market last Friday, pricing the deal at 175bp over dollar Libor — and managing to save 5bp over its previous loan.
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Pork processor WH Group’s $6bn Hong Kong IPO is likely to come in April, according to a banker close to the trade.
