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◆Highest rated FIG bail-in paper in euros ◆ Prices level with Nordic peer ◆ Premium paid
Currency's higher yielding appeal has lured investors across the capital stack
More US banks have used callable format for opco dollar issuance this year
◆ US company aims to issue more frequently in euros ◆ Final book heard at €1.75bn ◆ Favourable relative pricing at seven years
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Haitong International received a helping hand from the European Central Bank on January 22, with the ECB’s much publicised asset purchase programme proving to be the key for the Chinese broker to achieve much better pricing as well as size for its 5.5 year dollar bond. -
While US borrowers dominated senior unsecured issuance this week, Dutch lender NIBC Bank was also able to return to the euro senior unsecured market after an absence of almost three years.
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A trio of US banks found deep demand in the euro market this week, with Citi, Goldman Sachs and JP Morgan all drawing large order books for senior deals in the currency. A favourable cost of funding compared to dollars allowed the banks to offer up large new issue premiums to investors, calming the nerves of any investors concerned by the recent glut of supply or possible volatility from Thursday’s ECB meeting.
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Chinese broker Haitong International is taking advantage of a quiet Asian primary market by opening books to a five and a half year dollar bond on January 22.
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Citi added to a spree of euro issuance from US banks on Wednesday, following Goldman Sachs and JP Morgan to hit the market for a 10 year senior print. The low rate environment in Europe means US banks can offer investors attractive spreads while still saving against their cost of funding in dollars.
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Borrowers have had to extend their run of offering attractive new issue premiums in the senior unsecured market on Tuesday, as JP Morgan offered investors a juicy level for long dated euro paper. A softer market and concerns over volatility are necessitating more enticing premiums in the asset class, according to syndicate managers.
