Europe
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Fantastic funding conditions have recently allowed low beta borrowers to raise senior debt very cheaply, but a mid-week tightening of swap spreads caused problems for ASB Finance and SpareBank 1 SMN threatened to end the run of supply.
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As the first non-German bank in the eurozone to price a €1bn covered bond in over a month, OP Mortgage Bank was perhaps overly careful with its initial approach to pricing. But the plan paid off.
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Despite the ECB’s backstop bid, covered bond trading is a tough business. Tight spreads may help investors score mark-to-market gains, but discourage them selling since replacement assets are scarce. But the market is evolving, e-trading is on the march and traditional dealer rankings are changing too.
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The March 1 deadline for the implementation of variation margin requirements has passed, leaving financial end-users and dealers feeling the heat. -
As Europe's IPO market enters a key issuance window, a wave of new deals are expected to be launched in the next couple of weeks, encouraged by the favourable conditions in the blocks market, writes Aidan Gregory.
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NEX Group, the e-trading company spun out of ICAP and Tullet Prebon's merger, has hired Dr Kay Swinburne, an MEP who has been at the heart of writing trading regulation, to its new regulatory think-tank.
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Swedish Export Credit Corporation on Thursday added another cracking deal to a super strong week for dollar issuance, as FMS Wertmanagement lined up to take benchmark supply in the currency into Friday.
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NRW.Bank will be the next SSA borrower to tap the euro market, after two eurozone sovereigns raised a combined €11.4bn through auctions on Thursday, making the most of a week largely free from political volatility.
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Cassa Depositi e Prestiti has sold €300m and €150m notes late in February, despite dealers reporting an overall lack of MTNs in the market.
