Europe
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France's Total became the second European issuer of a corporate hybrid in two days, following EnBW’s successful deal on Wednesday. -
UK mortgage broker Jerrold Holdings and UK distressed consumer credit purchaser Cabot Financial both priced their respective £375m and £350m bonds on Thursday, with one banker saying the sterling market feels strong.
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Investors threw off the caution on Thursday that saw them hesitate over lower-rated investment grade corporate bond deals offering low spreads on earlier in the week.
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Stadshypotek attracted a wealth of demand on Monday for its first covered bond backed by Finnish mortgages, and priced the deal much tighter than initially indicated with few investors falling out.
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UBS is seeking the agreement of investors to change the maturity structure of two hard bullet covered bonds to soft bullets with a 12 month extension.
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NordLB decided to pull a seven year senior transaction from the market on Tuesday, as speculation about Deutsche Bank’s health hit financial credit spreads and dampened investor sentiment.
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Dutch plastic packaging manufacturer Schoeller Allibert priced its debut €210m five year bond on Thursday, after strong recent results, while Norwegian Air Shuttle looks to tap its 2019s, following its failure to issue notes earlier this year.
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Two more sterling benchmarks from investment grade corporates hit the market on Thursday, extending a strong week for bonds in the currency.
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PKO Bank Hipoteczny has mandated leads to go on a roadshow with the first euro benchmark covered bond from Poland.
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Specialty chemical manufacturer Platform and Irish telecom firm Eir both launched major refinancings this week, looking to tap into a market where nearly everything on offer is being tightened from initial guidance.
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Romania achieved a wafer-thin new issue premium for a €1bn reopening of its May 2028s on Wednesday, setting a good precedent in euros for Latvia which mandated for a 10 year deal on Thursday.
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