Europe
-
-
Rating: Baa1/BBB/BBB+
-
European Central Bank president Mario Draghi has in effect told market participants to come back after summer if they want to see any further monetary stimulus — but belief that such stimulus is on the way helped a trio of euro deals this week. -
The VDP’s newly appointed president, Dr Louis Hagen, has some strong, clear cut views on a wide range of topics affecting both the Pfandbrief and covered bond markets. He talks to The Cover about the implications of Brexit, covered bond supervision in the banking union, the Net Stable Funding Ratio, the leverage ratio, soft bullet extensions and harmonisation.
-
-
Canadian Imperial Bank of Commerce this week priced the first negative yielding non-Eurozone covered bond, with a well oversubscribed order book and a tiny new issue concession.
-
Rentenbank has opened the 10 year part of the dollar curve to elite borrowers with a heavily oversubscribed trade. While the public markets have been in rare health, dollar issuance had, until Wednesday, been confined to the three and five year maturities for months.The last time an SSA borrower printed over $1bn of 10 year paper was, according to Dealogic, at the end of May when the Inter-American Development Bank sold $1.5bn with a 2% coupon.
-
Spain on Thursday sold three year debt at a negative yield for the first time, capitalising on a fall on yields over the last few weeks that many bankers attribute to investor expectations of central bank stimulus.
-
The chief executive of ICAP’s EBS BrokerTec has stepped down from his post, and is set to leave “in due course,” according to the company.
-
US banks coming out of earnings blackouts provided all the fare in FIG this week, and deals flew to investors who have seen almost no paper since mid-June.
-
Teva completed the final leg of the bond financing for its acquisition of Allergan's generic drugs business on Thursday, issuing a Sfr1bn ($1bn) triple tranche Swiss franc deal.
-
Two of this week's benchmark issuers are planning second trips to the capital markets for benchmark funding in the third quarter.
