Euro
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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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The International Development Association is set to make one of its rare outings to the euro market on Tuesday, joining a 20 year from Ireland, which will be the third sovereign deal this week.
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A pair of European sovereigns hit the market on Tuesday, raising a combined €12.5bn. Austria launched a four and 50 year dual tranche, but it was the short leg that raised eyebrows, demonstrating demand exists even below the ECB deposit rate.
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It is almost a month since the ECB promised to “significantly increase” the pace of its purchases under the Pandemic Emergency Purchase Programme. So far, the purchase data reveals little in the way of acceleration, but the head of the Italian treasury Davide Iacovoni says it’s on the way.
