Europe
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Spanish insurance firm Mapfre offered a tier two bond on Friday, in the first insurance deal in more than eight weeks. The issuer paid up, particularly as its outstanding tier two gapped out substantially after the deal was announced on Thursday. -
The Coca-Cola Company has made a £3.9bn swoop on UK coffee chain Costa, with loans bankers confident that plenty of liquidity exists in the sterling market for the trade. But it's a blow for UK equity capital markets participants, who had expected an IPO.
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The covered bond market has a reputation for allowing tough trades to be done, so when My Money Bank postponed its debut deal, the product was imprudently tarnished. The situation could have been avoided had the deal been launched a week earlier or sometime later — just not last week.
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Banks’ stakeholders are demanding ever-stricter standards on sustainability. Rather than simply issuing green bonds as a standalone initiative, financial institutions must look at their business as a whole. By Jasper Cox.
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Finland is leaving the door open for a third syndicated bond in 2018, after receiving a record order book for its 10 year euro benchmark deal this week.
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Insurance firm Mapfre is planning to bring a subordinated bond to the euro market, after a week and a half of heavy supply in the senior format.
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Landsbankinn’s tier two deal on Thursday carried an unremarkable size of just €100m. But more notable was that it was the first subordinated euro trade from an Icelandic bank since the crisis.
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Growing fears that the UK could crash out of the EU without a deal are starting to weigh heavily on UK banks. The country’s most prominent issuers are finding it harder to drum up support for their bond deals, as investors find plenty of alternatives elsewhere. Tyler Davies reports.
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Two of the euro corporate bond market’s more frequent issuers helped fully reopen the market with a pair of dual-tranche deals immediately following the UK August bank holiday. The quality of the credits was one of the reasons the market was able to digest €6.65bn of supply on the day.
