Europe
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Just as European equity capital sales made a prompt start to the year on Tuesday, the first viable window available, with the €1bn NN Group block trade, the equity-linked market also wasted no time. Safran, the French aerospace and defence company, issued a €650m convertible at what a banker claimed was a record low yield. -
Lloyds issued the first sterling covered bond of the year and was quickly followed by two overseas issuers who priced deals at successively wider levels.
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Borrowers who issued covered bonds this week that are eligible for the European Central Bank’s purchase programme (CBPP3) did not receive such a strong reception as those whose bonds were not eligible.
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The principle of pari-passu among bondholders lies dead and buried. The Bank of Portugal’s decision to select only five of Novo Banco’s 52 senior bonds for bail-in last week has established a new precedent for bank resolutions, and what a fine mess it has created.
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National Australia Bank (NAB) priced a seven year Swiss franc note this week, making it the first international issuer in the currency for 2016.
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Credit Suisse and UBS dominated Dealogic’s European FIG bookrunner rankings for 2015, helped by their issuer parents cranking up their issuance of holdco and capital instruments.
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The start to 2016’s equity capital markets business in Europe has been tricky, but the action on Tuesday showed that high quality deals can get done very well, provided they come in a suitable window.
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Investigators are finally baring their teeth at the bond markets, after dozens of other post-crisis scandals, with a probe into the supranational and agency market that has engulfed four banks.
