Europe
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Covered bonds issued this week from banks in Italy and Portugal were a roaring success from the sellers’ point of view. But none could have been done without the European Central Bank’s help.
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European Central Bank president Mario Draghi said on Thursday he was prepared to cut interest rates and ramp up quantitative easing, creating a credit market rally that sent iTraxx Europe and Crossover indices back inside their levels before the end of September spike in volatility. -
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Teva, the New York-listed Israeli pharmaceutical company, held a meeting with banks on Wednesday for the syndication of $33.75bn of loans to buy generic drug business Allergan Generics.
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Hammerson, the UK property company, plumped for the sterling bond market on Tuesday and was rewarded with a well oversubscribed £350m deal, after a roadshow during which it considered issuing in euros.
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The UK Debt Management Office built its largest ever order book for a syndicated bond on Tuesday, but bankers away from the deal felt it was the trade’s timing that was particularly impressive.
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Three dollar issuers found no lack of demand at the short end when printing a trifecta of 2018s this week but tougher markets played into more defensive pricing strategies — at least in the early stages.
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The IPO of Amundi, Europe’s largest asset manager, began on Monday with the launch of investor education for a deal that is likely to top €1bn.
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One would be forgiven for thinking demand for British government debt was drying up, given some of the reporting in September that bid to cover ratios at Gilt auctions were falling.
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Wells Fargo printed an impressive second Swiss franc deal for the year on Thursday, attracting strong demand not only from retail and private banking investors but also asset managers, insurance and pension funds.
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Investment company Octopus Investments has received £400m in syndicated loans to fund its acquisition of a portfolio of UK solar projects.
