Europe
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A lack of supply relative to 2019 and much more aggressive central bank buying ensured that Banco Sabadell, Royal Bank of Canada and OP Mortgage Bank were able to price covered bonds flat to fair value this week. -
Austrian covered bond borrowers Bawag PSK, UniCredit Bank Austria and RLB Oberösterreich found a warm reception for their €500m no-grow deals this week.
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German equity capital markets are off to a flying start this year, buoyed by a rally in the DAX and renewed interest in European equities among US investors. There is renewed optimism about deals to come, including several of this year’s largest European IPOs.
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Credit Suisse became the first issuer of additional tier one (AT1) paper market in dollars this year, seizing the high levels of appetite for this asset class to print through fair value.
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BPCE, Credit Mutuel Home loan (CM-CIC) and Axa Bank issued French covered bonds this week with Axa issuing its first transaction under a new and lower rated Belgian ownership structure.
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UK chemicals giant Ineos’s German styrenics subsidiary is marketing €500m of senior secured notes and a €680m equivalent term loan B, with an intention to issue a €300m dividend to its parent company, controlled by billionaire Jim Ratcliffe. The remaining proceeds will be used for refinancing all of its term loans and some of the upcoming investments.
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Helaba, Deutsche Bank and Deutsche Pfandbriefbank (PBB) had little trouble accessing the Pfandbrief market this week with a series of deals that were priced flat to their curves.
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The stars have aligned for Banca Monte dei Paschi di Siena following its rescue by the Italian state. It is hard to see how other banks could be so fortunate.
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Delivery Hero, the German online food ordering marketplace, raised €2.3bn this week via a simultaneous placement of new shares and convertible bonds to finance its takeover of South Korea’s Woowa Brothers.
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