Europe
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Moody’s has extended its review of Novo Banco’s senior debt ratings after the Portuguese bridge bank published details of its liability management exercise (LME) this week, warning that bondholder could suffer higher losses than the ratings agency initially expected. -
Nitrogénmuvek, the Hungarian fertiliser group, became the second borrower with high yield ratings to cancel a deal this month, after Tereos pulled a highly structured bond seven days ago. This time, the problem was size.
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Hungary plans to make regular returns to the Panda bond market after making a successful debut this week, György Barcza, chief executive of the country’s debt management office, told GlobalRMB.
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Santander’s €7bn rights issue finished 8.2 times covered, according to a filing with the CNMV, the Spanish regulator.
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Jane Street Group, the electronic trading firm, held bank meetings in New York on Wednesday and London on Thursday for its debut syndicated loan, a $600m-equivalent term loan split between euros and dollars.
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Nederlandse Waterschapsbank has become the first European SSA to print in the Swiss market since 2015, citing a favourable move in the euro/Swiss franc basis swap as a reason for the return.
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NRW.Bank announced on Wednesday that it will go on the road at the end of August to market its fifth green bond.
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British, German and European-wide insurer groups are in diagreement about whether it would beneficial to have a harmonised approach to recovery and resolution, after the European Insurance and Occupational Pensions Authority (EIOPA) published a proposal for a new European framework.
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Hungarian fertiliser group Nitrogénmuvek launched the smallest high yield bond offering of the year so far on Wednesday. But guidance suggested the borrower seeks to pocket large savings as it refinances its old 2020s.
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Markets reacted with apathy to the news that the US House of Representatives had voted on Tuesday to expand sanctions against Russia.
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The corporate bond deals priced so far this week show a robust market. A US Federal Reserve meeting and a thinning pipeline may have resulted in a maiden over of a Wednesday, but hopes are high of primary business picking up before the end of the week.
