Europe
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BNP Paribas has become the first European bank to put a callable non-preferred senior deal into the public market, after opening books on a new dollar deal on Thursday. -
It might be a new year but the same old problems are haunting the Italian banking sector. On Wednesday the European Central Bank took the unprecedented step of appointing administrators to run struggling Banca Carige. The supervisor hopes that the intervention will solve long-standing governance problems, but it may not be enough for the bank to pull off an equity raise and ensure its survival.
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Secondary spreads in the euro public sector bond market have widened ahead of an expected busy pipeline of benchmark supply next week.
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Emerging market issuers are hesitant to rush back into the market in the new year. Most are waiting on the sidelines until the tone becomes more settled and investor desks are fully staffed.
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As is becoming traditional in the European corporate bond market, car finance issuers sold the first new issues of the year. The fact the market had to wait just one day was a positive, considering that the backdrop was largely unchanged from the end of 2018, when the market had been difficult to access. However, there were some warning signs other issuers will do well to heed.
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US private placement market participants are expecting a busier time than usual as volatility due to the UK's departure from the European Union pushes borrowers away from the sterling bond market.
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Spanish political risk is set to spike in 2019 as the country goes to the polls in local, regional, European and possibly national elections during the next six months. But Spanish companies may be ill prepared to work out more flexible funding plans to cope with this, investors and bankers warned this week. Victor Jimenez and Nigel Owen report.
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A busier public bond market has caught the attention of MTN dealers, particularly as new issue premiums appear to be rising — which might lead to more inquiry for private debt.
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The covered bond market is likely to remain equally busy on Friday as it was on Thursday with a further three deals mandated. Bankers say next week could become even more frenetic.
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Nationwide raised £1bn of five year covered bond funding on Thursday with its first Sonia-linked trade. It was perfectly timed to take advantage of the UK parliament’s recess and the brief period of political calm that this offered.
