Deutsche Bank
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Teollisuuden Voima, the Finnish nuclear power generator, launched a blowout bond issue on Tuesday that showed once again how any issuer perceived as having somewhat more risk, and therefore offering a wider spread, is attracting substantial demand.
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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. -
Piraeus Bank is set to become the first Greek financial institution to print a bond since the country’s bail-out in 2010, and the stage is set for a big success after fellow periphery Banco Popolare built one of the biggest books for a senior unsecured deal in recent memory this week.
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Avis Budget took advantage of strong high yield demand on Thursday to make a rapid tap of its March 2021 bonds to refinance shorter dollar debt.
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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.
