Europe
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Eurozone inflation leapt up in January, steepening curves and fuelling feverish demand for long-end bond issues. But the move lacks the vigour and commitment of the US reflation trade and economists expect it to subside later in the year. As Lewis McLellan reports, with no prospects of higher rates, investors will be pushed into longer and longer debt maturities as they attempt to lock in positive yields. -
The covered bond market is historically cheap relative to senior unsecured paper, but real money buyers have been unimpressed as other valuation comparisons have proved more important.
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A pair of triple-A rated European agencies sold their first Swiss franc bonds for several years this week, responding to reverse enquiry for long dated, high rated paper.
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The European Investment Bank and Caisse d’Amortissement de la Dette Sociale (Cades) took centre stage in the public sector dollar market this week, ahead of the Lunar New Year, with EIB selling its first 10 year benchmark in the currency since 2015.
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Unlike its last syndication in January, when Spain lost over €75bn of orders after an aggressive move in pricing, the sovereign took a more cautious approach on its return to the public market this week to print its biggest ever 50 year bond.
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Deutsche Bank scored blowout trades in euros and in sterling this week, as investors showed strong support for the name following a positive set of results for 2020.
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Renewable energy companies have rushed to the European equity capital markets in 2021 to issue about $2.3bn of paper, according to Dealogic data. The figure is by far the best ever start to a year for green equity issuance, and with investor demand for paper increasing, sources predict there will be much more supply to meet it.
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BPCE is drawing Natixis closer at a pivotal time for the investment bank and European banking consolidation, writes David Rothnie.
