Europe
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Spanish telecoms provider Telefónica latched onto the swell of investor demand for riskier corners of the European investment grade corporate bond market on Thursday as it issued a €1bn hybrid bond. -
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KfW this week added its name to a run of offshore renminbi issuers over the last few weeks, with investors appearing to be keen for paper that can offer a yield of over 3%.
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Belfius Bank this week sold the first Belgian covered bond to price within a French covered bond. The deal also came with virtually no new issue concession.
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Insurers and investors have found middle ground over fixed-for-life (FFL) coupon bonds this year, with the former content to lock in an attractive interest rate and the latter grateful to pick up some yield. Left untouched for the best part of three years, 2016 has provided fertile ground for the feature to blossom, writes Tyler Davies.
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KfW has printed a large MTN in Norwegian kroner, as bankers reported an uptick in international investors betting on a rise in the currency.
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Last week’s rollout of margin rules for uncleared swaps in the US, Canada and Japan has been characterised by some participants as a ‘mad scramble’ that was lucky to muddle across the finish line without disaster. But having observed the challenges the US faced, European regulators must think carefully about how they implement their own margin deadlines, sources have warned.
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Unione di Banche Italiane’s (UBI) €1bn 10 year Obbligazioni Bancarie Garantite from Monday was priced tighter than UniCredit’s deal with matching size and tenor, even though demand was lower and the domestic bid greater.
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Thermo Fisher Scientific, the US medical equipment manufacturer, on Wednesday pulled in €6.6bn of orders for a €1.6bn dual tranche transaction backing its acquisition of FEI on Wednesday.
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Compagnie de Financement Foncier (CFF) enjoyed a strong reception for the seventh 10 year covered bond in little over two weeks.
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Russian broker BCS Global Markets has hired two senior bankers to join its management team.
