Europe
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Banca Popolare di Milano and Banco Sabadell issued covered bonds which, despite their negligible new issue concessions, met with exceptionally strong demand.
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Just a week after Russia’s contentious return to the international bond market with its first sovereign bond since September last year, three of the country’s biggest companies are set to bring new tests of bond investors’ appetite for Russia. However, rather than being encouraged by the sovereign’s return, the trio are keen to get into the market before the Federal Reserve raises rates and dollar borrowing costs increase. Virginia Furness reports. -
Deutsche Kreditbank (DKB) enjoyed a healthy reception for its senior debut on Wednesday, with its choice of green funding a clear match for its operations.
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Deutsche Börse and the London Stock Exchange Group (LSE) have confirmed that they will hold a merger vote after the UK’s referendum on European Union membership on June 23, having previously said that Brexit would harm rival US bids, but not their own plans.
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After a slow start to the week, a torrent of covered bonds was priced on Wednesday and Thursday, as issuers sought to move quickly in case the market succumbs to one of many potential political risks it faces this month.
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The European Securities and Markets Authority (ESMA) is stepping up regulatory oversight of contracts for difference and other products it deems ‘speculative’ that are sold to retail investors.
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Uniper, the Germany energy company subsidiary of E.ON, is preparing to syndicate a €5bn loan to a wider group of banks.
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Political turmoil has stopped from Croatia printing its planned euro Reg S issue, having completed a two day roadshow for the deal on Tuesday.
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PKN Orlen printed the first non-financial corporate bond from Poland since 2014 on Wednesday and managed to mop up plenty of demand from a brand new investor base.
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The German and Spanish issuers provided the main focus in the FIG market on Thursday, respectively pricing a €500m 10 year and a €1bn eight year, which were both easily sold.
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