Europe
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The European high yield market this week proved that it has learned at least one lesson from its Brexit experience: the unexpected does not mean market shutdown. -
Sp Mortgage Bank, the central bank for Finnish savings banks, has mandated joint leads for a European roadshow to market its first covered bond.
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The EM primary bond market took just one day to digest Donald Trump’s unexpected ascent to the US presidency before new issuance resumed with a Gazprom bond. But uncertainty about what Trump will actually do could lead to volatile markets, increasing the cost of any issuance.
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Deutsche Bank and HSBC are co-ordinating the loans for British American Tobacco’s acquisition of a 57.8% stake in Reynolds American.
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National Australia Bank issued a rarely seen five year sterling denominated covered bond and showed a path that others may follow. It also sold a seven year senior deal in euros.
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The German Pfandbrief issuer ING-DiBa quickly executed a €500m 10 year mortgage backed deal on Tuesday, hours before US election headlines hit the screens, even though it had not been in the market since 2012.
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Shares in Shanks, the UK waste disposal company, closed flat on Thursday after it announced the completion of its £96m rights issue, to partly finance its merger with Dutch recycling group Van Gansewinkel.
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BNP Paribas is making some changes in its equity capital markets business, following the departure of Alain Dib in June.
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The European Banking Authority expects new accounting standards to take a further heavy toll on banks’ capital levels but European parliamentarians are calling for a departure from global regulatory standards.
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Two corporates hit the new issue market on Thursday, one clinching a 0% yield and the other paying only a single digit new issue premium, despite volatility in rates markets.
