Most recent/Bond comments/Ad
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The bank tightened a little more than a UAE peer did on Tuesday
◆ 'Reassuring' result as Danish lender becomes more frequent issuer ◆ Strong bid from international accounts ◆ Minimal NIP
Hungary's change of government is still drawing in investors despite a difficult summer
Issuance from Turkey aside from the sovereign is down year-on-year, but not by much
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More issuers are expected to tap the New Zealand dollar market soon, following a Eurobond from ANZ on Monday. Syndicate bankers away from the deal predict that issuers will look to take advantage of growing investor interest in the high yielding currency. -
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.
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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.
