Euro
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Nordea made a rare entry into the euro tier two market on Monday, taking advantage of strong issuance conditions to steer its pricing in close to fair value. -
European banks began to access the dollar market this week following first quarter earnings, while JP Morgan stole the show on Wednesday with a record low coupon for a preferred note.
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Emirates telecom provider Etisalat landed in the euro market with a bond on Thursday, raising €1bn across two tranches in a currency that is fast becoming a home for EM borrowers.
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A $7bn equivalent nine-tranche bond issued by London Stock Exchange Group in March put the newest generation of bond documentation software through its paces. It was the first deal of its size and complexity to use one of the growing array of automation technology platforms.
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Banco Santander was targeting two currencies for additional tier one debt on Thursday, following closely behind a blowout euro deal for Deutsche Bank.
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Zuercher Kantonalbank paid a generous spread this week for its first senior deal in euros, as rates investors showed no hesitation in adding exposure to the state-backed financial institution.
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Deutsche Bank launched its first euro additional tier one (AT1) in about seven years this week, taking advantage of an impressive first quarter performance to raise €1.25bn of capital from €6bn of demand.
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Morgan Stanley and Goldman Sachs received a warm welcome in the euro market this week, as they turned to the currency amid what one banker described as a “US bank supply wave”.
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Bank of China sold one of its high-profile multi-currency, multi-tranche bond deals on Wednesday. The trade, which spanned five of the bank's global branches, raised a combined $2.35bn.
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China Construction Bank Corp turned to the bond market on Thursday to sell a $2.4bn equivalent multi-currency transaction, with each tranche carrying a socially responsible investment (SRI) label. But recent volatility in the region’s credit market, and the issuer’s own ‘ambiguous’ approach to the trade, posed challenges.
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