Europe
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Spain was the outlier among a trio of eurozone periphery sovereigns to auction debt this week, as its 10 year yields rose while those of the other two fell — a move that analysts blamed on Spain’s political situation. -
Islandsbanki has become the first Icelandic bank to issue a benchmark bond in euros since the financial crisis.
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Steinhoff completed syndication of $4bn of acquisition loans this week with the deal going “better than expected", according to bankers. The loan market has not shown signs of fatigue for the South African-based furniture retailer, even though the borrower has already asked a lot of the market this year.
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Investment company Melrose has completed its $1.25bn loan syndication, according to a banker on the deal. The borrower is one of very few to have launched a deal since the UK’s referendum on EU membership on June 23, but its oversubscription in syndication signalled that borrowers brave enough to try for loans will be rewarded, as banks continue to battle it out for market share. Robert Cooke reports.
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Institutional investors turned out in force for Slovenia’s euro market return on Wednesday, allowing the sovereign to tighten pricing by more than 10bp.
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Türk Ekonomi Bankasi (TEB) and Vakifbank have adopted margin ratchets in their latest loans as a swathe of Turkish banks face ratings downgrades.
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Five banks raised more than $10bn in the senior unsecured dollar market this week, exploiting strong demand and at spreads that were in line with where covered bonds would have priced.
