Europe
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Italian banks rushed to make use of favourable market conditions this week, with Banca Monte dei Paschi di Siena and UBI Banca bringing new deals and Fineco Bank lining up an additional tier one (AT1). The window opened after the EU and the Italian government settled their scrap over the latter's budget targets, but market participants fear it won't stay open for long. Daivd Freitas reports. -
With primary markets firing on all cylinders at the beginning of July, bankers working in the financial institutions bond market note that riskier deals are often easier to execute than their lower yielding counterparts.
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Lloyds made its first public sale of debt from its non-ringfenced bank on Thursday, pricing the senior bonds about 16bp tighter than similar instruments from the group’s holding company.
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Chris Jones, head of local currency syndicate at HSBC, has been put at risk of redundancy by the bank.
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Bank Nederlandse Gemeenten printed ultra long paper this week, locking in low yields for the issuer but leaving buyers exposed to big price moves on any rate rise.
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Prudential's deal was nearly 18 times subscribed on Thursday for an attractively priced tier two, which had an unusual 30 year non-call five maturity structure.
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Ferrovie dello Stato Italiane, Italy's state railway company, launched a €700m seven year green bond into an otherwise empty corporate bond market on Thursday. The Independence Day holiday in the US kept markets quiet this week, and eager investors may be frustrated next week too.
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The Schuldschein market’s first half of 2019 was better than expected, prompting arrangers to believe that this year could break the records set in 2017 for deal numbers and overall volume.
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European banks crowd CCI loan - Cofinimmo bumps up revolver size - Red Eléctrica gets debt for Hispasat buy - Wilmington brings in Bank of Ireland for refi - HTM Sports enters Schuldschein market for euros and dollars - Porterbrook sends out RFP for US PP return - EGPC bounces back into market, launches syndication
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The EMEA IPO market has performed solidly in the first half of 2019, with high growth propositions in particular outperforming. Nevertheless, with disparate year-to-date returns between offerings and geopolitical tensions likely to surface in the autumn, sellers will act with heightened caution when the market reopens in September, writes Sam Kerr.
