Europe
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When Crédit Agricole looked long term for a new vanilla senior bond this week, it shed light on the future composition of bank funding structures. As central banks start to close the doors to their funding schemes, financial firms are going to want good access to the liquid markets for both preferred and non-preferred senior bonds alike. -
French building services outsourcer Atalian printed a €625m seven year bond on Wednesday, bringing total high yield issuance for the week to over €2.6bn.
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Yapi ve Kredi Bankasi said it plans to press ahead with its debut euro covered bond, and after getting regulatory approval Turkiye Is Bankasi (Isbank) has had its programme rated by Moody’s.
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The UK’s Thames Water Utilities was the only point of primary action for corporate bond investors in Europe on Tuesday, as the blackout period drags the market into what some called the quietest week of the year so far.
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Crédit Agricole issued one of three euro benchmark covered bonds this week, attracting demand that topped the combined interest seen in deals issued by Swedbank and HVB.
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As many look on in horror at Turkey’s slide towards autocracy, investors are showing few qualms by piling into the country’s debt. State-owned Ziraat Bank was able to cut through political noise to print with no new issue premium this week. But lower rated banks are lining up to test just how far this demand extends down the ratings scale.
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On Thursday night, Nomura launched the sale of a 1.6% stake in Standard Chartered, the UK emerging markets-focused lender, through an accelerated bookbuild led by Barclays.
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Santander UK found strong demand for one of its largest ever sterling covered bonds on Thursday and paved the way for Royal Bank of Scotland which is expected with its first deal in more than five years.
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Bank of America Merrill Lynch is flying high in European M&A and continuing to expand its leveraged finance franchise, writes David Rothnie.
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The Croatian government-appointed extraordinary commissioner for troubled supermarket group Agrokor called on group subsidiaries to convene general assemblies to appoint new auditors as it said that it found "potential errors” in the group's 2016 accounts.
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BBVA said this week that it could be in a position to issue its first non-preferred senior bond by the second half of the year, as optimism following the first round of the French presidential election helped create extremely attractive issuance conditions in the FIG market.
