Europe
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Standard & Poor’s sent Deutsche Bank’s subordinated debt tumbling in secondary this week by slapping the paper with a sub-investment grade rating.
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Lloyds Banking Group printed a 30 year tier two deal as a flurry of FIG borrowers dominated the dollar market ahead of the Thanksgiving holiday.
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Xior Student Housing, the Belgian real estate company focused on student accommodation, has opened the book for an initial public offering in Brussels. -
Bayerische Landesbank issued a well oversubscribed Pfandbrief on Tuesday and priced somewhat tighter, and with a longer maturity, than other recently issued German covered bonds.
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Aegon Bank issued its first covered bond on Tuesday, a €750m five year conditional pass through (CPT).
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The European corporate bond market let its traditional reverence for Thanksgiving lapse, printing two deals during the US public holiday on Thursday.
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Two French agencies printed euro deals with matching spreads this week though one picked the five year spot and the other seven years which negated the credit differential.
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Abengoa is swimming for its life, but looks likely to sink beneath the waves of debt. Already, hindsight is beginning to make this look like an outcome everyone should have seen coming.
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SKF, the Swedish ball bearing maker, won a €2.2bn order book on Tuesday for a €500m no-grow bond, issued to partly fund a tender offer for older notes.
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Banks, investors and even the Spanish and US governments are bracing themselves for a long and bruising battle to restructure Abengoa, the Spanish renewable energy group likely to enter a pre-insolvency period on Friday.
