Europe
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Guarantor: Joint guarantee from Belgium, France and Luxembourg
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The BondMarker voters have spoken. The results are in for last week's solitary benchmark from Ireland. -
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There was a time, not so very long ago, when a ‘yes’ vote in a secession referendum in the most prosperous region of the eurozone’s fastest growing economy might have sparked some concerns. Those days appear to be behind us.
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By 10am on Monday October 16, Catalonia's president Carles Puigdemont must clarify whether this week’s declaration of independence was firm. Many in capital markets have dismissed the possibility of Spain’s constitutional crisis causing market volatility, but the Catalan government is approaching its week of reckoning in combative mood, write Lewis McLellan and Victor Jimenez.
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National Bank of Greece showed this week that a covered bond does not need to have an investment grade rating to be a success. By implication the product has almost unlimited funding potential for a broad swathe of global issuers, particularly those from the emerging markets, writes Bill Thornhill.
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Romania reopened its 2.375% April 2027s on Tuesday for €1bn, pricing the tap 12bp inside initial price thoughts that were described as “very attractive”.
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Improved investor confidence in Italy has been conducive to issuance, although some trades remain domestically focused.
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While the dollar market produced one of its strongest deals of the year on Wednesday, another deal enjoyed markedly less success on the day, indicating that investors’ tolerance for tight levels may be becoming stretched.
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