Europe
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Canadian media conglomerate Thomson Reuters has sold £745m of shares in London Stock Exchange Group (LSEG) to settle tax liabilities arising from the UK exchange operator’s acquisition of Refinitiv, the former Thomson Reuters finance and risk business. -
Bond markets have been settling in for a period of higher US Treasury yields since Wednesday when the Federal Reserve confirmed it did not expect to raise rates before 2024. While that made long-dated issuance trickier for SSA issuers, there was hope that emerging market bond issuance will soon resume, even if a bumpy ride lies in wait. Mariam Meskin, Oliver West and Lewis McLellan report.
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National Bank of Canada’s €500m seven year covered bond issued on Thursday, showed that a positive spread to mid-swaps has a greater impact on demand than a positive yield.
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Mounting concerns over rising rates resulted in a fair degree of price sensitivity for a rare 20 year covered bond issued on Tuesday by Bawag, the Austrian lender. But with a little new issue premium, demand was still good.
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The SSA market on Thursday was digesting the result of the previous night’s Federal Reserve meeting. Fed chair Jerome Powell took a dovish stance in spite of high economic growth, and some market participants believe that the strengthening inflation outlook could hurt demand for bonds at the long end of the curve.
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Deutsche Bank and Standard Chartered sold their first green and sustainable bonds in dollars this week, giving US investors a chance pick up supply that would normally be expected to arrive in euros.
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Všeobecná úverova banka (VÚB) issued a €500m five year covered bond on Wednesday at the tightest spread for any issuer from Slovakia.
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Inflated order books are only becoming more prevalent thanks to the European Central Bank’s increased firepower. The way to properly deal with this issue is through a collective effort from every corner of the capital markets.
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A debut green covered bond from OP Mortgage Bank, and a green Pfandbrief from Berlin Hyp, that were issued this week priced through mid-swaps and tighter than any other covered bonds issued so far this year, yet they still managed to attract broad and diversified demand.
