Europe
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The response to some of this week’s dollar deals has got some bankers believing that next week’s US Federal Reserve meeting might not prove to be the market shutting millstone that it had promised to be just a few weeks ago. -
The European Central Bank's asset purchase programme allowed some issuers to grab cheap funding this week but uncertainty surrounding the freshly launched corporate programme was less helpful for one French issuer.
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The Irish telecommunications firm Eircom Holdings on Tuesday issued a benchmark size secured bond 25bp inside guidance levels — giving heart to issuers that would rather not wait for the UK referendum result.
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Shares in Van Lanschot, the Dutch wealth management firm, jumped 5% on Thursday after it announced the pricing of its ‘re-IPO’ early in the morning.
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Île-de-France was able to tighten pricing on a green bond by 5bp from initial thoughts while still overshooting its target size this week. Bankers away from the deal said it was more a sign of the maturity of the green bond market than about any one issuer or bond.
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As Europe’s banks sweat over how best to raise cheap loss-absorbing capital, market participants have been awaiting the arrival of the first contractually bail-inable senior bonds. After Nykredit’s well-received market opener this week, the new asset class could be about to find its feet, writes Tyler Davies.
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Amid a hail of equity capital markets deals on Thursday evening, Airbus launched a €2.1bn sale of all its remaining shares in Dassault Aviation, using a €1bn exchangeable bond and block trade of about €800m. That came after Valeo had sold a $450m equity-neutral convertible earlier in the day, and as two other block trades were in the market.
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NordLB’s Luxembourg subsidiary issued its longest maturity covered bond on Tuesday and paid a paltry premium, but the double digit pick-up failed to draw much excess demand.
