Europe
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BBVA raised $1bn of additional tier one capital in the dollar market on Wednesday, firing the starting gun for what could be a very busy pipeline of issuance in the format this autumn. -
Swedish private equity firm EQT is likely to bring its IPO to market before the end of the year, joining a host of high quality European listings.
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Ulrich Koerner is stepping down as president of Europe, the Middle East and Africa at UBS, to be replaced by Sabine Keller-Busse.
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BMW this week became the first corporate issue to issue a floating rate note using Sonia as its benchmark.
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Investors threw themselves behind a short-dated floating rate note from Société Générale on Thursday, shrugging off the bleak outlook for European interest rates. The strength of demand allowed the French bank to raise €1.75bn.
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Following what a banker on Wednesday's euro bond called the ‘richest syndication of all time’, the Republic of Finland is looking at a possible return to the dollar market.
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Deutsche Pfandbriefbank was marketing a five year senior preferred bond in the euro market on Thursday. The deal was launched at a spread unmoved from price thoughts, with order books only €125m larger than the deal size.
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Global issuance of covered bonds returned to growth in 2018 according to the latest figures from the European Covered Bond Council (ECBC) published on Thursday, but the market faces a big challenge in keeping pace this year as negative rates play havoc with funding decisions.
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Subway operator Tianjin Rail Transit Group has raised a €200m Schuldschein loan, becoming the first Chinese company to tap this market. Bankers believe similar deals will follow, given the market’s appeal.
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Poland’s prefunding for 2020 may even be higher as a proportion of total funding than the 34% it reached for 2019, said Robert Zima, head of the debt management office (DMO) in Warsaw, thanks to an expected lower budget deficit which means that the country’s total borrowing requirements are set to fall.
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The hail of issuance in European corporate bonds continued at full pelt on Wednesday as Orange and National Grid joined the fray with multi-tranche deals. Investors and issuers seem equally eager to do business.
