Europe
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The Swiss bond market welcomed Russian Railways back to the market after a five year absence this week. -
Another stellar week for equity block trades in EMEA finished on Thursday night with the launch of a €1.5bn sale of shares in ABN Amro by the Dutch government, making this the biggest week of the year for blocks in EMEA.
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Commodity Futures Trading Commission chairman Christopher Giancarlo's warning to Europe against taking “unilateral” action in changing rules tied to G-20 commitments made in 2009 is right. While there are concerns about the future regulatory relationship between the United Kingdom and the European Union, derivatives clearing is a global issue.
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On Monday, Japanese brewer Asahi Group brought the fourth European bond issue by a beer producer in Europe in 2017, having roadshowed its debut euro bond the previous week.
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Since the market returned from its summer break, no corporate bond issuer had printed a new deal with a tenor longer than 12 years before Wednesday. However, on Wednesday French water and waste company Suez Environnement pushed through to 15 years with a €500m trade.
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Jefferies has opened an investment banking office in Amsterdam and has poached a team of bankers from Deutsche Bank to run it.
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UK-based global mining company Anglo American launched a €1.2bn tender offer and a €600m new issue on Wednesday after recently being returned to investment grade status following 18 months with a junk bond rating.
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Ahold Delhaize, the Dutch supermarket company, was the only IG corporate issuer to price a deal on Tuesday. But unlike the five triple-B rated issuers on Monday, the food retailer paid a single digit new issue premium.
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Anglo-Dutch consumer goods company Unilever printed the fifth sterling corporate bond deal in as many days on Monday. The £500m dual tranche deal offered investors seven and 12 year tenors. Before this deal it had only 2018 and 2022 maturities outstanding in sterling.
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Risks including regulation, monetary tightening and the rise of the senior preferred asset class are touted as threats to the covered bond market. But participants on the opening panel of the Euromoney/ECBC Covered Bond Congress remained relatively unfazed.
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Kommuninvest kept up this week’s trend for tightly priced short end dollar deals as it achieved its tightest ever spread to swaps on Thursday. Big demand for short dollar paper is creating a “bid-only” market, according to bankers.
