Europe
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When market makers start sending runs (lists of prices) based on nation states rather than sectors it may be a harbinger of fundamental change in how European credit is traded. -
Gazprom raised €1bn on Tuesday from the first public international bond sale from Russia since April saw the US imposing a punitive round of sanctions on the country. Rushydro followed on Thursday with a Rmb1.5bn ($220m) three year bond.
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Banca Carige’s planned tier two bond, which tides it over until it can raise equity, will present the FIG market with some unusual features. But the unfamiliar intervention from a branch of Italy’s deposit guarantee scheme appears not to have roused the European Commission’s attention with regard to state aid rules.
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A French public sector borrower has appointed HSBC as sole arranger for its Euro Medium Term Note programme, as it prepares to make its debut in the bond markets.
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Ice Group, a Norwegian provider of wireless telecommunications, has begun pre-marketing for an IPO on the main board of the Oslo Stock Exchange.
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Public sector borrowers could look to join the European Bank for Reconstruction and Development in pre-funding for 2019 if the market backdrop — such as volatility in the Italian government bond market — improves, said SSA bankers.
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A five year covered bond issued by Danske Bank’s Finnish subsidiary on Thursday was the most oversubscribed triple A rated covered bond issued since late August and suggested that recent negative headline risk had barely affected sentiment in euros.
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Continued uncertainty over the budget negotiations between the Italian government and the European Union is likely to delay Italian equity capital market deals in 2019, said bankers.
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The UK’s TransferWise has signed a £65m revolving credit facility, as the cross border money transfer company looks to fund future growth.
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Despite offering an attractive premium, TSB Bank was unable to garner enough interest for its five year sterling covered bond on Thursday, forcing it to postpone the deal. The decision followed a high level UK government resignation that caused considerable market volatility in the UK banking sector.
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London-based clearing house LCH has started processing swaption trades through its SwapAgent service, making a play for the largely uncleared market.
