Most recent/Bond comments/Ad
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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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Yield starved investors are showing growing interest in picking up New Zealand dollar paper, looking to stock up on bonds denominated in the currency of the only developed economy enjoying rising interest rates. Rabobank and Commonwealth Bank of Australia both sold Eurobonds in the currency this week, drawing attention from institutional investors as well as the retail buyers that normally dominate the asset class.
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Financials dominated the US investment grade issuance calendar this week as investors refused to be put off by geopolitical risks.
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Rabobank is set to take to the New Zealand dollar market on Wednesday, capitalising on increasing demand from investors for the high yielding currency. Juicy pick-ups over Australian dollar paper and a lack of supply in the currency in other formats is likely to keep Kiwi dollar buying strong in the coming weeks, according to syndicate bankers.
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CCB Asia priced a $200m tap of its 3.25% 2019s on Wednesday. The borrower landed the tightest spread for a five year dollar issue by a Chinese bank this year as appetite for China brought in an eight times subscribed order book. -
The uncertainty over Banco Espírito Santo’s health and future continued this week, despite the bank’s reassurances of sufficient capital buffers and the Bank of Portugal’s assurance that existing equity investors were willing to inject further capital if needed into the bank. And as more comes to be known about the lender’s exposures to other companies within the group, its senior debt is becoming more vulnerable.
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German insurer Talanx appeared out of the blue on Wednesday in the senior market, taking advantage of improved sentiment and settling spreads with a £500m no-grow 12 year bond that was priced with an attractive new issue premium and continued to trade well in secondary markets.
