Europe
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The SSA sterling market had been deserted for two weeks thanks to a hostile cross-currency basis swap, but KfW returned on Thursday with a £500m tap. -
A pair of sovereigns privately placed century bonds this week, with one of the borrowers — Ireland — dipping below the 1% point for the first time at this sort of tenor.
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Cint, a digital market research company, has priced a Skr5.96bn ($720m) IPO on Nasdaq Stockholm, the largest new listing on the exchange this year.
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Fund managers are eyeing up opportunities in the additional tier one (AT1) market this year, with spreads still said to be well wide of their potential lows.
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German optical maker Jenoptik has launched a euro and dollar Schuldscheine with margins tied to its sustainability performance.
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Lakestar Spac I, a new special purpose acquisition company backed by German venture capitalist Klaus Hommels, has priced its IPO on the Frankfurt Stock Exchange, raising €275m.
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BNP Paribas was nearly seven times subscribed for a long call additional tier one (AT1) this week — in its third dollar deal of the year.
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Crédit Agricole has picked banks to run a planned senior preferred Panda bond, its third outing in the format. An investor call has been scheduled for next week.
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HSBC chooses chief sustainability officer — JP Morgan creates European unit for Spacs — Piero Novelli to quit UBS
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This week’s ground-breaking 10 year Sonia index-linked covered bond transaction from Nationwide is most likely to appeal to other UK Building Societies, as opposed to the large UK commercial banks who have a larger proportion of suitable assets to access central bank funding.
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Government yields have risen rapidly this week, led by the US Treasury curve, as investors bet big on stimulus from that country. With little activity in the primary markets, bankers have been speculating on the possible effects of higher yields on issuers’ strategies.
