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◆ Unusually busy Friday for European bank funding ◆ Small premium, large demand ◆ Meanwhile 10 year OAT-Bund spread breaches 100bp
◆ Market participants await Meta's rumoured euro debut ◆ Carrefour sells first Friday corporate deal since June ◆ Three FIG names hit the market
Higher new issue premiums make deals shine amid market volatility
Citigroup and Wells Fargo hit positive post-Fed market with a $18bn salvo
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The senior market was firmly focused on issuers from Europe’s stronger jurisdictions this week, as buyers showed their support for rare insurance paper by flocking to Aegon’s five year deal. Reinforcing the flight to quality bid in the run up to the summer holidays, Deutsche Bank and Rabobank tapped short end investors for €2bn apiece.
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Woori Bank became the latest Korean bank to tap the Samurai bond market this week, raising ¥20bn ($251.6m) from a deal that was priced flat to a recent issue from local rival Shinhan Bank.
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Russian Agricultural Bank — which became the first Russian issuer in the Swiss franc market with a deal back in 2007 — ended its two-day Swiss roadshow on Thursday. Coordinators BNP Paribas and UBS were discussing deal structures and tenors with investors on the same day for a potential transaction.
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Dutch financial services group ING prepared the ground for the sale or flotation of its US business when ING US made its dollar debut as a 144A registered company on Tuesday.
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Deutsche Bank pulled off an opportunistic smash and grab deal on Wednesday, pricing €2bn of 18 month senior unsecured paper. On the same day, Aegon proved there was a strong bid for senior insurance debt, placing its €500m five year with a diverse spread of investors after receiving €3.2bn of orders.
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Macquarie Bank is set to become the second Australian lender to issue in Swiss francs this week, debuting in the currency with a five year senior unsecured note.