Europe
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Landesbank Hessen-Thüringen Girozentrale (Helaba) and WL Bank met contrasting outcomes for their euro denominated German Pfandbriefe issued this week.
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Senvion, the German wind turbine maker, pulled its €700m IPO on Wednesday morning, after a difficult bookbuild that failed to deliver a covered book. -
Two borrowers from Denmark and Norway launched their first euro denominated covered bonds this week, expanding the number of issuers to a new record.
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The UK Debt Management Office is reshuffling its funding strategy for the 2016-17 financial year, including adding the possibility of selling short to medium term conventional Gilts via syndication — although some investors would prefer a reduction in the UK’s use of syndications.
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As the European high yield market showed signs of becoming friendlier to borrowers, French car parts supplier Faurecia on Thursday sold €700m of notes to redeem a €490m unsecured bond.
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Sappi Papier, the Austrian-South African paper manufacturer, sold €350m of secured notes at 4% to refinance its 2021 dollar bond, in a European high yield market that has brought forward its post-Easter pipeline of deals.
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The Financial Conduct Authority (FCA) has released a study of UK bond market liquidity arguing that regulation has not damaged bond market liquidity — a view starkly at odds with that of many market participants. The study, however, has serious limitations as a study of trading practice.
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Eurozone periphery sovereigns are stamping down their borrowing costs at auctions amid a wave of dovish central bank actions — but one sub-sovereign in the region stands alone in suffering a sharp rise in its yields.
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Crédit Agricole raised €3.25bn as it issued the biggest euro covered bond benchmark since 2007 on Wednesday, achieving a competitive cost of term funding at historically cheap rates.
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Kommuninvest’s long-awaited first foray into the green bond market was finally priced on Wednesday and Municipality Finance plans to follow with a green debut of its own later this year. Kommuninvest’s deal came just two days ahead of NWB Bank’s 10 year dollar deal which opens books on Friday.
