Europe
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Ceské dráhy, the 100% state-owned Czech national railway operator, has mandated two banks for a Reg S only euro bond. -
Latvia was speaking to investors on Monday in an effort to arrange its first bond of the year, a long dated euro-denominated note that will be sold almost entirely to rates — rather than emerging markets — buyers, according to leads.
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Crédit Mutuel Arkéa (CMA) is demanding to be split from its parent group, Conféderation Nationale du Crédit Mutuel (CNCM). Despite a likely downgrade of its senior ratings, the covered bond ratings are well protected, said analysts at LBBW. And in the present market environment, spreads are unlikely to be affected, said bankers.
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Despite the failed IPO of Banca Popolare di Vicenza, which was bought entirely by Italy’s new bank rescue fund, Veneto Banca is expected to press ahead with its €1bn flotation. Bankers are divided on its chances of success, writes Jon Hay.
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Banca Popolare di Vicenza is now Fondo Atlante’s problem. The hastily put together Italian bank rescue fund had to stump up all the €1.5bn of capital needed for BPV to avoid a bail-in this week, after there was too little demand to allow the IPO to go ahead.
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Barclays made a convincing start to its plan of reducing its stake in Barclays Africa on Wednesday night, with a successful block trade that netted $4bn of demand from what bankers on it said was a very high quality group of institutions.
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Italy privately issued a long dated inflation linked bond and Spain drew strong demand at an auction of index linked paper this week, as bankers suggested interest could be returning to the asset class as investors bet on a return of inflation in the eurozone.
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Deutsche Bank will begin a roadshow next week for a euro denominated tier two transaction, with uncertainty remaining over European authorities’ fondness for additional tier one as regulatory capital.
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Italy’s scramble to prop up its weaker banks has halted a strengthening rally in periphery bank debt, while the softer tone has pushed core issuers back to the dollar market for capital.
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Barclays and BNP Paribas became the first European banks to tap the Yankee market for subordinated paper for almost a month this week.
