Europe
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Following the announcement of a rating upgrade of the Kingdom of Spain by Standard & Poor’s on Friday, several Cédulas programmes are likely to be upgraded. But since no regulatory rating thresholds is likely to be broken, spreads should be unaffected, said Commerzbank analysts on Monday.
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Royal Bank of Canada was set to sell a three year floater on Monday, offering investors their first taste of sterling denominated senior unsecured bonds in nearly four months. -
Commodity trader Gunvor has launched its $1bn annual loan refinancing, following a deal for its Asian subsidiary that doubled in size after strong demand from lenders.
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Rabobank was a fitting credit to tackle a still uncertain FIG primary market on Monday, pulling in nearly €2bn of orders for a short floater as bankers fretted over further supply.
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The Ranger’s favourite expression — “The rules are, there ain’t no rules” — was thoroughly quashed last week by a load of bankers who love rules.
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Luxembourg’s local fund industry association published a guide for institutions who want to join the RMB qualified foreign institutional investor (RQFII). It comes after the country was awarded a quota of Rmb50bn in April 2015.
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Stonegate Pub Co on Friday sold an £80m tap of its 2019 secured bond, despite a deserted high yield market, and after being downgraded by Standard & Poor's that morning.
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Cyprus slashed nearly 15% from its three month borrowing costs at an auction on Friday. Meanwhile, Greece announced plans for a sale of six month paper.
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In this round-up, Hong Kong and Taiwan RMB deposits shrink slightly while RMB cross-border trade settlement surges to new records in both Hong Kong and China, the RQFII programme reaches Rmb410bn ($80bn), Georgia and Kyrgyzstan work on establishing RMB swap lines with China, and Nanning authorities plan a new China-ASEAN currency index.
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Altice, the fast-growing French cable telecoms investment group, raised €1.61bn of new capital today (Thursday October 1) with an intraday accelerated bookbuild, to finance its acquisition of Cablevision, the US cable company.
