Europe
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In this round-up, Hong Kong RMB clearing dropped in September, Macau's RMB deposits and cross-border settlement also fell in July, South Korea's RMB deposits kept contracting in September, and Bank of China Budapest branch formally launched RMB clearing services. -
Two debut renminbi bond offerings are expected to price in the next two weeks ahead China’s President Xi Jinping’s visit to the UK later this month. While The People’s Bank of China (PBoC) is aiming to offer its first overseas RMB central bank note on October 20, China Construction Bank (CCB) is to bring the UK market the first CNH offering issued by its head office on October 12, several sources have told GlobalRMB.
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Deutsche Bank took the criticisms of its ‘Strategy 2020’ plan — announced in April by then co-CEO Anshu Jain and followed shortly thereafter with his resignation — dead seriously, preparing investors for a shocking third quarter loss as it prepares to divulge new details on the plan.
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Two previously long and prominent themes of the European financial market have completed a reversal in the past week, with the iTraxx Senior Financials index trading inside the Europe Main index and credit outperforming equity.
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German businesses Schaeffler and Covestro successfully completed their initial public offerings this week after having scaled back on their targeted deal sizes.
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Royal Bank of Canada issued the first dollar denominated Canadian deal in three months at the widest spread this year, while Münchener Hypothekenbank supplied the only euro deal of the week.
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TDF Infrastructure, the French broadcasting infrastructure operator, gave investors something to sink their teeth into on Thursday, bringing a €600m bond to a recovering but uneasy corporate bond market.
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Novo Banco and Bank of Cyprus have both restructured their existing hard bullet covered bond programmes into conditional pass through programmes.
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Italy blew the doors off the market with the first eurozone periphery sovereign benchmark in a month. And with extra explosives from the European Central Bank, it may have blown a hole big enough for its peers to pile through, writes Craig McGlashan.
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Bravida, the Swedish plumbing, heating and electricals group, this week launched the bookbuilding phase of its initial public offering in Stockholm.
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It was just like the good old days in emerging market bonds this week despite the IMF's best attempts to spread doom and gloom. Riding the crest of a wave of supply though were the first Russian corporate deals longer than a year since 2013 — and how investors dived in. Francesca Young reports.
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