Europe
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Specialist proprietary trading firms are readying to spend the first quarter in intensive lobbying after the European Council laid out its stance on investment firm regulation this week. -
The sterling market for public sector borrowers is enjoying its best ever start to a year thanks to superlative conditions, Sonia linked debuts and a UK parliamentary vote on Brexit next week.
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Cultured, guitar-playing capital markets banker who was widely seen as the best SSA originator in the business died on December 26. He was 48 and had been suffering from cancer.
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A decision by Landesbank Hessen-Thueringen Girozentrale (Helaba) to issue a rare three year covered bond as part of a two part offering, paid off and put its covered bond offering head and shoulder above other deals issued this week by BayernLB, HVB and UniCredit Bank Austria.
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Ireland is looking at the possibility of issuing its first ever benchmark inflation linked bond in 2019, amid an expected surge in the euro public sector linker market this year. Meanwhile, Portugal is waiting for the final approval of its inaugural Panda bond, which will be sold as part of an Rmb6bn three year programme.
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Westpac issued the first dollar covered bond of the year this week, while its New Zealand subsidiary hit the euro market following the demand unearthed by an earlier deal from ANZ New Zealand.
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Credito Emiliano this week issued the first Obbligazioni Bancarie Garantite of the year, sending a strong signal to issuers struggling to fund in the senior market. The Italian bank followed Deutsche Bank SA which issued the first Spanish deal of 2019.
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Banks broke in the new year with an outpouring of primary market sales this week. But an improved backdrop in the euro market has yet to convince anyone that their fears about 2019 might have been misplaced, with bankers warning that conditions could soon take a turn for the worse, writes Tyler Davies.
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The Italian government this week earmarked up to €1bn for a precautionary recapitalisation for Banca Carige but the future of the troubled bank remains uncertain.
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Confidence is sweeping through the CEEMEA bond market as huge volumes for some of 2018’s most maligned issuers have pushed volumes up to record breaking levels for the first fortnight of a year. But despite the strong start, some bankers are concerned that the difficulties of last year are a whisker away from making a comeback. Francesca Young, Lewis McLellan and Sam Kerr report.
