Europe
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In a troubled new issue market strewn with casualties, the $1.8bn-plus IPO of ConvaTec, the UK medical supplies maker, got covered at its base size on Tuesday, while Misys, the London-based banking software producer, opened the books for its £650m-£750m IPO with a lower free float than initially planned.
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Polish banks will be anxious to follow PKO Bank Hipoteczny which on Monday enjoyed a superb reception for its euro benchmark covered bond — the first from the country. Bill Thornhill reports. -
There is no shortage of factors that have troubled market participants this year: Brexit; US monetary policy direction; fragility in European banks; oil prices. All of these issues, and others, have caused credit spreads to widen at various intervals in 2016.
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Goldman Sachs showed Europe’s investors were comfortable with callable senior bonds this week, laying the grounds for more US — and eventually European — banks to follow into the total loss absorbing capacity (TLAC) friendly structure.
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Officials from Madrid this week sent the clearest message yet from a European Union country that the race to grab portions of London’s financial empire has begun.
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Eurex and CME Group both lined up new futures contracts this week as the market assessed a generational shift from bilateral derivatives towards cleared, exchange traded products.
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Ineos-owned chlorvinyls firm Inovyn increased and tightened the size and guidance on its term loan ‘B’ repricing on Thursday afternoon, as the market hopes for some overdue buyout activity.
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The sterling corporate bond market maintained some, albeit low, momentum as UK coach operator National Express announced the mandate for a seven year issue in the currency on Thursday.
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Banca Monte dei Paschi di Siena’s tier two bonds received a boost this week, after it confirmed it was pressing on with its rescue plan but would not rule out Italian banker Corrado Passera’s new proposal for a way to raise €5bn of capital without involving bondholders.
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Spain has auctioned 50 year debt for the first time, wiping more than 80bp from its cost of funds compared with when it first syndicated the paper nearly six months ago.
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Valmet, the Finnish technological services company, has refinanced a €200m facility first signed in May 2013. The company swapped two of the original lenders with new banks.
