Europe
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No deterioration in credit quality has taken place among corporate Schuldschein borrowers since 2008, concludes a new report from Helaba, despite the market having undergone huge expansion. -
Santander placed three taps of a senior non-preferred May 2023 line on May 19, raising a total of €270m. The issuer was one of the first Spanish banks to issue this type of private placement, which drew significant investor demand.
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The euro market, despite a week shortened by European holidays, churned out a steady diet of solid deals. The French election, credited with triggering the rally, is growing more distant but the bid for quality fixed income paper remains as healthy as ever.
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Investors flocked to Rabobank’s first covered bond on Monday even though it was was priced tighter than any other non-German deal by a considerable margin.
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On Wednesday night, the vibrant trading in the equity blocks market continued with several large deals from Turkey and the UK.
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Not only is the CEEMEA bond market red hot and smashing through issuance records, there were also signs this week of its developing maturity, writes Virginia Furness.
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A group of private equity firms have joined forces to merge UK insurance broker Towergate and four peers into a new industry player called Kirs, and this week launched a £800m bond to back the move.
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The triumphant return of Banco Comercial Português to the covered bond market this week after an eight year absence marks a turning point, not just for the bank but the Obrigações Hipotecárias market as a whole.
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The Italian Treasury on Thursday bought back €4.2bn of the November 2017 BTP Italia — more than €1bn above its target amount — as part of a syndicated exchange that swapped the bonds for paper maturing in the 2020s and 2030s.
