Europe
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The aftermath of the UK’s decision to leave the European Union has been an uneasy calm. Inflation is at a 20 month high of 0.6%, unemployment is at a post-crisis low, and consumer spending is robust. But then of course, nothing has happened yet.
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Banks are poised to seize this year’s best window for new regulatory capital issues after the Federal Reserve decided against lifting interest rates this week. With primary activity down $15bn on 2015 in Europe and secondary markets reacting positively to the Fed, investors are expecting supply across all asset classes. -
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The obvious loser of the European Central Bank's corporate sector purchase programme might have been the US private placement market, which beforehand offered some price advantage for large cap issuers.
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Korea Housing Finance Corp and Cariparma Crédit Agricole have hired lead managers to arrange investor meetings, with a view to issuing covered bonds in dollars and euros, respectively.
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A hotly anticipated day of two central bank meetings failed to disrupt another good week for public sector borrowers in the dollar market, although the outcome of one of the meetings could have consequences for demand in the longer term, bankers warned.
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Leveraged finance bankers probably didn’t think their jobs could get any tougher. Not until Wednesday at least, when, at Euromoney's Levinvest conference, the ECB dropped the bombshell that it was, in all likelihood, set to introduce ‘guidance’ on leveraged lending.
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With clearing concerns behind it, Russia’s $1.25bn tap of its 2026s bonds was met with massive demand on Thursday — the book was reported to be over $6bn — but some say a moral dilemma remains.
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RLB Oberösterreich issued its first covered bond benchmark this week attracting the widest ever audience for any Austrian covered bond issuer, burying lingering concerns over long term fallout from Heta.
