Europe
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Benchmarks from the Inter-American Development Bank, KfW and Spain have now been scored in GC BondMarker. While two of the deals met with a warm reception from voters, one deal was not so popular. -
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Dexia Crédit Local this week brought the first £1bn-plus sterling deal from an SSA issuer since a shock UK general election result in early June, with what one SSA syndicate head away from the trade called a “phenomenal” result. The deal came as speculation mounted that the Bank of England could next month raise its base rate for the first time in more than a decade.
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Predictions that financial institutions would ebb as the mainstay of equity capital markets business after the major post-crisis wave of recapitalisations had been completed have proved premature.
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Bank Nederlandse Gemeenten (BNG) launched a three year dollar floater on Thursday, pricing at what one of the leads said was flat to the issuer’s curve, deftly navigating a tricky week for dollar borrowing.
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The busiest first half to a year in the Schuldschein market’s history is over. Nearly 70 issuers — originating from Russia to the US — have managed to launch transactions so far. But, some traditional German lenders are begging for a return to the market’s more usual sedate pace, to allow more time for vital credit work. Silas Brown reports.
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After two days of no euro denominated corporate bond issuance, National Grid North America came with a rare corporate bond transaction on Wednesday. Pricing for the seven year deal moved in 25bp from the wide end of initial price thoughts (IPTs) in a trade that bankers away from the deal praised.
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The Inter-American Development Bank (IADB) raised A$100m ($76.1m) on Tuesday by tapping its June 2026 Australian dollar bonds. It was joined later in the week by Nederlandse Waterschapsbank (NWB), the International Finance Corporation (IFC) and the European Investment Bank, which launched a tap that is expected to be priced on Friday.
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European regulators have helped consolidate the banking sector in Spain and Italy in the past few weeks, in the resolution of Banco Popular and the liquidation of Banca Popolare di Vicenza and Veneto Banca, said analysts.
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Agrokor, the troubled Croatian food company, has announced that over 20 lenders have agreed to provide €320m of new funds by the end of this week.
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Agence Française de Développement’s change to its banking licence will lead to it sell more private placements, according to Bokar Cherif, the head of the agency’s treasury.
