Europe
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The extraordinary sight of a German public sector borrower pulling a syndication mid-week led not only led to criticism of the deal’s execution but also reawakened fears over banks' diminishing ability to take down and warehouse sovereign and sub-sovereign bonds. Craig McGlashan reports. -
Equity capital market participants this week hailed the successful IPO of Clydesdale and Yorkshire Bank Group, and its strong first two days of trading. If other listings also deliver in the aftermarket, bankers think it could spark a surge of new deals, regardless of volatility, writes Olivier Holmey.
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Caixabank issued its largest Cédulas in five years on Monday. It was also the biggest since 2014 and enticed more investors than any Spanish deal in three years.
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The exceptionally advantageous terms issuers can get in the convertible market — and the product’s appeal to the bluest of blue chip names — were highlighted again on Thursday when LVMH Moët Hennessy Louis Vuitton, the French luxury goods group, raised $600m at a deeply negative yield.
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The pent-up demand from equity owners to sell down blocks of shares was evident again on Thursday evening, as two deals were launched, after the Euro Stoxx 50 had managed to rise 0.3% on the day.
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The first missed additional tier one (AT1) coupon payment may not be the harbinger of impending doom some think, but the implications for banks’ capital costs would be severe.
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Anoa Capital, a Luxembourg-based boutique investment bank, is building out an origination team following the hire of Mike Turnbull as head of origination.
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Biotechnology Research And Information Network priced and allocated its €32.5m initial public offering on Wednesday. The German biotech business is due to start trading in Frankfurt on February 9.
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Italy set bankers’ hearts aflutter this week with an early contender for deal of the year, breaking several records with a €9bn 30 year benchmark. But more importantly, the trade blasted open a hole at the long end that other sovereigns could pile through.
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Concerns over the exodus of real money investors from the covered bond market were put to rest this week as a series of deals met exceptionally strong demand, with the sea change in sentiment being most conspicuous in the French sector.
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