Europe
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When E.On raised the curtain on the autumn corporate bond issuing season in euros a fortnight ago, a dramatic tableau was revealed. -
High-yield bond funds are a lot more exposed to a liquidity shortfall than funds for other asset classes, according to a stress test developed by the European Securities and Markets Authority (ESMA). The publication of ESMA’s results came in the same week as a Bank of England official discussed solutions to fund fire-sales.
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Thirty year maturities, normally very rare in the euro corporate bond market, have become remarkably popular since the dive in base rates earlier in the summer. In the past 10 days, four multi-tranche deals have been printed that included 30 years, as issuers rushed to take advantage of the exceptional conditions before the European Central Bank monetary policy meeting on September 12.
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Credit Suisse and SpareBank 1 priced deals in senior format this week, choosing longer maturities to avoid entering negative yield territory. SpareBank 1’s €500m green bond attracted demand of €700m but leads were not able to tighten pricing to the tight end of their price guidance.
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The SSA primary bond market is eerily quiet. What is usually one of the busiest times of the year for raising bonds in euros is proving to be the opposite as issuers sit it out in anticipation of next week’s highly anticipated monetary policy announcement by the European Central Bank (ECB). Burhan Khadbai reports.
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The arrival of star Credit Suisse banker Iqbal Khan gives UBS’s chief executive Sergio Ermotti the chance to achieve his ambition of reaching a decade at the helm of the bank while securing a smooth transition, writes David Rothnie. Meanwhile, UBS’s restructuring, announced on Thursday, marks a focus on intragroup collaboration.
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A chaotic weak in Britain’s Parliament has cast further uncertainty over UK ECM as sellers consider whether to bring forward transactions to avoid running up against a potential new Brexit deadline in January. However, talk of a general election this autumn could make execution difficult.
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Inflation-linked Gilts suffered a steep sell-off in the secondary market on Wednesday as investors priced in proposed changes to the methodology of the Retail Price Index (RPI).
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Paddy Power looks to cash out with US private placements — Spurs up private placement deal to £525m — LXi Reit draws new revolver for acquisitions — AMS lines up €4.2bn bridge loan in Osram swoop — Ukraine’s Kernel to tap lenders for A&E
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The price of Ukraine’s GDP warrants climbed rapidly this week on news of a “definite plan” to minimise the instruments’ impact on the country’s debt burden.
