Europe
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Five issuers from core Europe priced covered bonds this week but the standout success, which could have been priced without the European Central Bank’s help, was the first Austrian deal of the year from Erste Bank.
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Two deals from Poland and Slovakia this week showed how emerging market borrowers and their bankers need to come up with new ways to price CEE bonds, and fast. With European quantitative easing distorting secondary prices to the point of uselessness, deals should now factor in a ‘liquidity premium’, writes Virginia Furness. -
Plans to create a new tier of debt in France has put minds at ease about the status of existing senior bonds, bolstering their performance and clearing the way for what could be a very busy year for French banks.
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The Iberian Peninsula was host to a duo of barnstorming sovereign benchmarks this week, but there was no consensus among bankers over whether they signified an appetite for sovereigns at the lower end of the European credit quality spectrum.
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If European credit investors had to name two firms damaged by the precipitous fall in commodity prices, it is likely that Glencore and Anglo American would top the poll.
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A trio of Spanish issuers launched the first covered bonds of the year from southern Europe this week but, with peripheral spreads widening sharply, conditions are not conducive to further supply.
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Portugal equalled its largest ever benchmark size with a visit to the 10 year part of the curve on Thursday, taking the week’s overall sovereign euro issuance to a record high.
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Portugal equalled its largest ever benchmark size with a visit to the 10 year part of the curve on Thursday, taking the week’s overall sovereign euro issuance to a record high.
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NRW.Bank printed a trio of €500m notes this week, equalling its highest ever weekly volume for private placements, according to Dealogic.
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Investors in the public high yield bond market have gone right off riskier structures such as payment-in-kind notes, only two months after they eagerly grabbed a €1.1bn PIK deal for ICBPI, one of the biggest of its kind.
