Europe
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UBS this week priced a 10 year senior unsecured bond from its holding company that was described as an "absolute blowout", and which has improved prospects for tier two issuance.
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ANZ New Zealand and Natixis Pfandbriefbank have mandated leads to roadshow euro denominated covered bonds.
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Sparebank 1 Boligkreditt followed Commerzbank into the covered bond market this week with another 10 year and with a 20bp premium to the German lender, its sale was a lot smoother.
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A pair of eurozone periphery sovereigns have deals in the pipeline — but could face problems bringing the trades, bankers warned this week. -
UniCredit Italy took advantage of constructive conditions and scarce Italian covered bond supply to launch a 10 year on Wednesday. The bank was rewarded with a well oversubscribed order book while paying little new issue premium.
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A requirement looming next week for major banks in the US to begin posting initial margin on uncleared swaps has prompted a chaotic scramble to comply with the deadline, said observers, while also elevating concerns about the preparedness of the rest of the market to meet future mandates. Dan Alderson reports.
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Amid much turmoil over whether Portugal will lose the one investment grade rating that is keeping it on the European Central Bank’s shopping list, no one is asking a vital question.
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Neither heat nor summer holidays could put a dampener on Barclays’ $1.5bn additional tier one trade on Wednesday. The bank brought in a $15bn book for its deal, and on Thursday was hotly traded on the secondary market.
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A surfeit of supply hit the long end of the covered bond curve this week as issuers piled in to take advantage of extraordinarily cheap funding conditions that are unlikely to last long. Bill Thornhill reports.
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Melrose, the UK industrial buyouts specialist, completed its jumbo rights issue on Wednesday, raising £1.6bn to partly finance its reverse takeover of Nortek, a US air conditioning systems manufacturer.
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A dance of low yield limbo is forcing public sector borrowers to rewrite their autumn funding plans as crushed rates have made the short end of the euro curve all but inaccessible. Lewis McLellan reports.
