Europe
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China's listed companies are set to sell stock directly to European investors. The first listing of an A-share company on the China Europe International Exchange (Ceinex) in Frankfurt will happen by June this year. Investment banks have already been mandated, GlobalCapital Asia's sister publication GlobalRMB has reported. -
A stack of high yield bonds is set to hit the European market, as four issuers announced roadshows on Monday.
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Clayton Dubilier & Rice seized the opportunity to sell the last of its shares in B&M European Value Retail, the UK discount retailer, last Friday, after the company posted strong Christmas results.
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Expectations for a busy week in the investment grade corporate market were maintained despite only Telefonica taking advantage of good primary conditions on Monday, as it sold a benchmark nine year bond in euros.
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The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.
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Appetite for quality dollar issuance is strong as 10 year Treasury yields hover above 2.54%, prompting two borrowers to hit screens on Monday with dollar benchmarks.
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There has been little immediate impact on the broader Schuldschein market after the breakdown of talks between the UK government and Carillion’s creditors over the weekend, which has led to the UK building and services company going into liquidation.
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Deutsche Pfandbriefbank said on Monday that it was looking to sell new non-preferred senior bonds, as it looked to ‘reserve a slot’ in what is expected to be a busy market for new issuance this week.
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Groupe BPCE issued ¥116.1bn ($1.04bn) of Samurai notes this week across six tranches, two of which were social bonds. But unlike with many socially responsible deals, the proceeds will go to clients rather than financing projects directly.
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A senior funding officer at a European SSA has crossed the aisle to take up a syndicate position at an investment bank.
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BayernLB has issued the first of three 10 year covered bonds to be priced this week. With the European Central Bank stepping up its presence in the primary market compared to January 2017, forthcoming deals from NIBC and Raiffeisenlandesbank NiederÖsterreich-Wien (RLB NW) are assured of a smooth execution.
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