Europe
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Deutsche Bank has pulled about $5.25bn equivalent of non-preferred senior funding out of the market in the past two weeks, stomaching higher funding costs than some of its peers. The bank’s treasurer told GlobalCapital this week that it was prudent to step into the market now, with the issuer having cut through half of its target for loss-absorbing debt issuance in 2019. -
Société Générale has chosen Olivier Biraud to work with a portfolio of large French companies as a relationship manager.
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Crédit Agricole provided no let-up in the disappointing performances of fixed income, currencies and commodities (FICC) desks in French banks’ fourth quarter results. By one measure it was the lender's worst quarterly result there in more than six years.
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UK media company Future has signed a £90m revolver and an infrastructure project is attracting continental demand, as European banks still show strong interest into sterling-denominated transactions despite the uncertainty around Brexit headed into Thursday’s parliamentary debate.
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Vakifbank has found competitive funding with a privately placed covered bond, its second of the year, sold via sole lead manager Credit Suisse, even though the publicly syndicated Turkish covered bond market has been closed for some time.
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Grŵp Cynefin, a housing association that manages properties in north Wales, has issued an inaugural sterling debt private placement.
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The Turkish sovereign’s third bond of the year, a sukuk, was priced with no new issue premium on Wednesday, paving the way for Türk Telekom to come to market.
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Svenska Handelsbanken found strong demand at tight levels for a new additional tier one this week, helping to put to bed any concerns that the market might be languishing after the first ever ‘non-call’ in asset class.
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BBVA did not have to offer any premium to investors to bring in a new tier two bond on Thursday, according to lead managers, as asset managers show renewed thirst for debt from southern European financial institutions.
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On Thursday, the European corporate bond market saw its second Nordic telecoms new issue of the week. Finnish company Elisa used the same no-grow strategy as its Swedish peer Telia used on Tuesday, but for a smaller deal.
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