Europe
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Commerzbank, Caisse Francaise de Financement Local (Caffil) and Bayerische Landesbank (BayernLB) invigorated the long end of the covered bond market this week with 10 year deals, a duration which had not been seen for over four months.
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Shares in Abengoa, the troubled Spanish renewable energy company, plunged again on Thursday and its credit default swap spread widened sharply, on unconfirmed reports in the Spanish press that banks including Bank of America Merrill Lynch, Citigroup and Société Générale had declined to underwrite its rights issue.
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Sterling bonds are not always the most exciting market, but there is a new mini-boom going on that has no parallel in Europe.
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UniCredit Bank Austria (Baca) returned to the covered bond market on Tuesday to issue the first Austrian Pfandbrief since the country’s Financial Markets Authority (FMA) announced a debt moratorium on bonds issued by Heta Asset Resolution AG (HAR).
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Covered bonds proved their worth this week as, despite difficult market conditions, 10 borrowers were able to collectively raise more than €8bn at levels that looked attractive compared to senior unsecured financials. -
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Middle market investment bank Baird has hired a head of investment banking for Germany, Austria and Switzerland, a new role at the firm.
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Poland reopened the CEEMEA bond market this week after investors in search of safe havens pushed central Eastern European sovereign spreads tighter. Uncertainty over the timing of a US rate hike has left buyers wary of more typical EM names and left CEE sovereigns among the select few that could avoid paying heightened premiums.
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Heineken, the Dutch brewing company, issued a €500m bond, tightening pricing as investors jumped on a rare issue by the company.
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The pay gap between men and women working in the front office of investment banks is driven more by bonuses paid than the basic rate of pay, according to Emolument data. But some banks say that they are making strides in their efforts to increase the proportion of women in leadership positions.
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Eager for winter, bankers headed north this week in search of ice and snow — along with a smattering of heavily voweled words, high alcohol content beverages and all things putrefied.
