Europe
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The positive market backdrop has driven smaller and less well-known bank issuers to come forward with rare new bond issues. But they are showing up just as investors pack up for the year, meaning they must work hard to lure enough demand, writes David Freitas. -
All maturities are open for deals in the euro market, thanks to a widening in benchmark spreads over the past few weeks. SSA issuers are taking advantage of the conditions by issuing in a range of tenors.
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Del Canto joins Berman at agora — O'Higgins to retire from ICBC Standard — Miller becomes new IBCM head at Credit Suisse
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Deutsche Pfandbriefbank (Pbb) had been spying a chance to tap the sterling market since August for an inaugural senior transaction. The German bank found a good window this week and, even though it attracted only just enough orders to launch the £250m preferred senior bond, a banker on the deal said the trade "ticked all the boxes".
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The wave of UK local authorities set to enter capital markets after the central government started charging them more for borrowing began to break this week as Redbridge Council raised £75m through a deferred bond. In doing so, it achieved better costs of funding from the market than it would from the Public Works Loans Board. More councils are set to follow.
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The IPO of Française des Jeux, the French gaming company that runs the national lottery, has been well received during its first week of marketing and was covered on the full size of the deal within three hours of launch last week. Demand continued to grow throughout this week with retail demand driving momentum.
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Credit Suisse has lost the talisman of its investment banking and capital markets (IBCM) division, James 'Jim' Amine, but says the unit is "absolutely core", writes David Rothnie.
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KfW returned to Polish zloty issuance last Friday after a 13 year absence from the market, as it looks to tap new sources of capital.
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The International Finance Corporation returned to the Czech koruna bond market after a 21 year absence this week to place the largest SSA deal in the currency since 2015.
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Student Hotel finds bed for sustainable loan — Italo mainlines green loans — Green bond stalwart Tennet signs — Scottish Mortgage returns to US PP — CVC-owned April preps rapid refi
