Europe
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Banks have been dipping their toes back into the unsecured loan pool this year as their appetite for Russian credits has grown, three years after the annexation of Crimea. Alongside loan structures loosening, pricing has also dropped to near pre-sanction levels as the demand for deals outstrips supply. -
German car company BMW became the third issuer to sell a deal in the infrequent Eurodollar new issue market this November, as well as solidifying its position as the largest seller of corporate MTNs in 2017.
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Bulgarian insurer Eurohold sold a €70m five year bond on Thursday, rolling many investors from an old bond into this new one.
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On Wednesday Spanish telecoms company Telefónica brought the third hybrid from a Spanish corporate issuer this November, following deals by Ferrovial and Iberdrola.
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ING sold €1bn of new senior unsecured bonds out of its holding company on Tuesday, leaving a small new issue premium of about 5bp for investors.
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Ford Motor Credit Co, the financial services arm of the US motor company, and Deutsche Bahn raised a combined €1.5bn from floating rate notes this week, attracting demand from the traditional fixed rate buyer base with four and seven year maturities.
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An undisclosed shareholder has sold $114m of shares in Mail.ru, the Russian internet services company. The sale came a month after the company's co-founder Dimitry Grishin placed 4.7m global depositary receipts with institutional investors in a block trade, after numerous reverse enquiries.
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Institutional investors are feeling squeezed in the bustling Schuldschein market, as bank lenders are more willing to compromise on financial covenants and pricing margins.
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Investors continued to tuck into insurance debt this week, with two deals from German insurance groups, while Società Cattolica di Assicurazione joined the pipeline for its first deal compliant with Solvency II.
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Green bond specialists are interested to see whether France will issue another green OAT (GrOAT) to coincide with the country's president Emmanuel Macron's One Planet Summit in December.
