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◆ Deal benefits from limited size, green label and short tenor, says lead ◆ Small NIP paid ◆ BPER involved in complex Italian M&A
◆ Larger-than-usual size ◆ Constructive Friday opening led to three well-received FIG trades ◆ ...of which Alpha may have paid the least NIP
◆ 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
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Bailed-out Spanish institution Caja de Ahorros del Mediterráneo on Wednesday priced €1.2bn of five year government guaranteed bonds at 90bp over the sovereign curve.
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As markets got excited in the run up to Wednesday’s LTRO and then basked in its afterglow, Italy’s Banca Monte dei Paschi di Siena proved that second tier credits from peripheral jurisdictions could access the senior unsecured market.
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Indian lender Axis Bank raised $500m in the international bond market on Monday, becoming the first bank from the country to sell dollar bonds this year.
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The government guaranteed market revived on Wednesday when Spain’s Caja de Ahorros del Mediterráneo launched a five year deal that is set to print at 90bp back of the sovereign curve.
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UniCredit smashed its way through the senior market on Wednesday, gathering €5.3bn of demand for a five year deal which closed at 10.15am London time — the moment the results of the ECB’s second three year LTRO were released. Belgium’s KBC Bank, meanwhile, built a €2.75bn book for a two year deal.
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Doha Bank has mandated JP Morgan and Morgan Stanley to arrange a series of investor meetings in Asia, the Middle East and Europe. The meetings start in Singapore on Thursday, moving to Hong Kong on Friday, the Middle East on Sunday, London on Monday and Switzerland on Tuesday. The bank may print a $500m five year note after these meetings.