Europe
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Adler Real Estate, a German residential property company, has extended the sale period for its €150m convertible bond issue, which comes with pre-emption rights for shareholders, added Citigroup as a bookrunner and broadened the price range.
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Credit and equity fund managers taking off hedges may have contributed to the resilience of these markets in the wake of the UK's EU referendum, according to derivatives traders, but a cocktail of calamities this week hinted at a precarious exposure to any further sudden moves. -
The Bank of England won’t impose a capital buffer meant to counteract the creation of credit bubbles, citing an increasingly fragile British economic outlook after the nation voted to leave the European Union.
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KfW’s got a tap over the line with a tight price on Tuesday, but required a significant push from joint lead managers to do so.
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UK investors eager for North American exposure rushed to buy into Melrose Industries on Wednesday, pushing its shares up 46%, after it announced a heavily dilutive £1.655bn rights issue to finance the acquisition of Nortek, a US maker of heating and air conditioning systems.
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Axpo, the Swiss energy utility company, on Thursday issued a Sfr350m ($358m) eight year bond to support its buy back of outstanding Sfr700m 2020 notes.
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Nykredit Realkredit was marketing its second “senior resolution note” on Thursday, breaking a month’s hiatus in FIG supply.
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The Bank of England cut the UK’s countercyclical buffer requirement with immediate effect on Tuesday, softening risks associated with payments on additional tier one (AT1) debt.
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Spain blew through its latest auction target with sales of debt at five, nine and 15 years, thanks to a drastically reduced cost of funds.
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With the Republic of Macedonia on the road for the first euro-denominated bond from an emerging market issuer since Brexit and EM credit continuing to rally, bankers are expecting a strong few weeks pre-summer.
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Covered bond secondary market volumes saw a small improvement on Thursday, but with limited supply and continued central bank buying, the market is set to become more technically squeezed over summer.
