Europe
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Japan Bank for International Cooperation (JBIC) made a rare appearance in three year dollars this week, opening the way for its peers to follow. But there is little in the dollar pipe from Japanese or any other SSA issuers — all of which are well funded — after a week when US rate expectations were jolted by comments from Federal Reserve chair Janet Yellen. -
Turkey made an opportunistic move on Thursday to reopen its recent 10 year bond for another $1bn. The $4.7bn book size showed there is no let-up in demand for Turkish sovereign debt.
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The few IG rated corporate bonds that hit screens this week saw a rapturous reception from investors, but bankers reckoned volumes are only due to drop in the coming days despite calls from all sides for issuers to print debt sooner rather than later.
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Europe’s IPO market — sluggish, so far this year — is beginning to warm up, with the announcement of a smattering of new deals this week.
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The Financial Conduct Authority is reviewing aspects of the UK’s primary markets regime, with a particular focus on whether the UK needs a specialised wholesale debt listing venue, like Ireland’s GEM market.
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Euro issuance looks set to heat up again next week as 10 year plus maturities return to favour after a discouraging start to the year.
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Steel company Severstal played true to Russian borrower form on Thursday, printing its new 4.5 year bond well inside its existing curve, according to bankers.
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Nationwide Building Society this week issued its first euro benchmark covered bond since the UK’s referendum on leaving Europe and managed to find funding that was two years longer and half the spread of its last deal in February 2016. But it was unable to issue a 15 year.
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Swiss retail investors were fed the highest yielding deal in Swiss francs the year so far on Monday, when single-B rated Gategroup offered with bonds a 3% coupon.
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Healthy secondary movements and successful new deals from Deutsche Bank and a second tier Italian name suggest investors are hungry for more FIG paper. Bankers are therefore hoping for a strong start to issuance next week.
