Europe
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HSBC has named Sean Henderson and Sean McNelis as co-heads of debt capital markets, Asia Pacific, with immediate effect, according to a memo seen by GlobalCapital Asia. -
The tone in Europe’s corporate bond new issue market continued to strengthen on Thursday, as two issuers came to market and achieved strong sales, despite a wider market that worsened during the day.
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Corporate and financial institution bond issuance resumed in Europe this week as calm returned to markets after bruising Italian political turmoil led to an ugly and deal-less end to May. With a government installed, markets are working again, but the heavy backlog of issuers is emerging only slowly, anxious not to arrive too soon. Jon Hay, Nigel Owen and Victor Jimenez report.
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Quantitative easing, perhaps the single most important factor affecting bond prices over the past three years, could be coming to a long awaited end this year. Members of the European Central Bank governing council seemed to hint as much this week, causing govvie spreads to gap wider, writes Lewis McLellan.
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NN Bank paid a generous premium this week to issue the first Dutch conditional pass through (CPT) covered bond of 2018. The deal emerged at the same time as Belfius Bank returned to the covered bond market with a 10 year.
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The Central Bank of Russia (CBR) is planning new rules from the start of July that will ramp up the risk weighting on foreign currency loans, which is expected to lead to a tumble in non-ruble lending in the country at a time when international banks are steering clear. Mike Turner reports.
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KfW opened the door for dollar issuers after a quiet few weeks in the currency, although the issuer — and SFIL, which followed it — had to navigate some price discovery after last week’s Italy-led volatility.
