Europe
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Covered bond investors could not get enough of Swedish seven year deals issued this week by Swedbank and Skandinaviska Enskilda Banken. But whether record order books are being inflated remains a moot point. -
Concerns over the UK’s exit from the European Union, which have increased following Tuesday’s series of votes in parliament on the matter, will not affect demand for sterling SSA paper, according to bankers.
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Spanish telecoms company Telefónica on Monday launched the first green bond in euros from the telecoms sector. The firm, rated as one of Spain’s leading companies in the fight against climate change, published its Sustainable Development Goal (SDG) framework in November but had to wait two months to sell its first green bond.
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Bayerische Landesbank (BayernLB) and Aareal Bank found strong demand for their Pfandbrief this week. Despite pricing tightly to mid-swaps the deals offered a generous pick-up to Bunds, which ensured broad based interest.
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Skandinaviska Enskilda Banken followed Swedbank with a seven year deal, printing a well oversubscribed €1.25bn covered bond on Thursday flat to its curve. The deal comes as Citi research suggested excess demand for covered bonds issued this month is at a record level.
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Having accounted for the largest share of international issuance in Swiss francs in 2018, Korean borrowers appear to be acquiring a taste for the market again in 2019. Following last week’s sustainability trade for Korea Western Power, Hyundai Capital returned to the market on Tuesday with its first green bond in the currency.
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Bankers and investors are expecting lower volumes of non-preferred senior issuance for 2019, with the majority of issuers looking at the asset class tending to be smaller and infrequent users of capital markets.
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Bpifrance rode a wave of booming market sentiment following a dovish US Federal Reserve meeting on Thursday to sell its joint largest ever single issue, after originally aiming for a minimum size that was just a third of the amount it ended up printing.
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The European Commission said on Thursday that it had informed eight banks that they had breached European Union antitrust rules in the purchase and trading of European government bonds between 2007 and 2012.
