Europe
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Russian development institution Vnesheconombank signed a Rmb10bn($1.5bn) loan from 10 Chinese banks at the Eastern Economic Forum in Vladivostok this week. -
Compagnie de Financement Foncier has mandated leads for the first French covered bond since mid-June, the bank’s fourth this year and the sixth 10 year in two weeks.
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The first week of September is typically a busy week in covered bonds and its likely next week will not disappoint.
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FTSE 250 bus and rail company Go-Ahead has signed a £200m bridge loan to insure against execution risk when it comes to refinance a sterling bond. A number of investment grade companies have been exercising precautionary liquidity management of late, said one banker in London.
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The financials market is ostensibly set to go into next week in a constructive mood after this week’s series of highly oversubscribed deals boosted sentiment. However, Friday’s US non-farm payroll report may undermine this view and show rate hike expectations have been under-estimated.
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In this round-up, a third batch of free trade zones (FTZs) get set to be rolled out soon, Hong Kong RMB deposits reach a three-year low, and the RMB qualified foreign institutional investor (RQFII) scheme adds two in Singapore. Plus, a recap of GlobalRMB's stories this week.
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Veolia Environnement etched its name into the record books this week by becoming the first French company and only the second European corporate to issue a Panda bond.
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High yield investors are showing a taste for safety as autumn begins, with double-B rated deals once again the choice. But while risk aversion is justified, buyers should focus their scrutiny on sectors, not rating bands.
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