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The slide in French government bonds this week raises concerns for the country's banks and companies
Budget crisis may give way to election agony
◆ OAT rout puts French borrowers in awkward spot ◆ Sterling FRNs: a popular underdog ◆ Emerging market secondary bonds lose relevance
Data
Higher new issue premiums make deals shine amid market volatility
Conducive credit markets and tight spreads to lure issuers as risks loom on the horizon
Contrasting investor receptions in euro and sterling markets but new issue premiums rise in both
Observers blame slower bookbuilding on deal-specific factors but others see warning shots for whole market
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The Spanish supreme court’s recent ruling that banks should pay certain taxes on mortgage loans harmed the lenders’ trading levels and hindered primary debt market access. Ratings agency DBRS estimates that, in the unlikely worst-case scenario, the sector could face a retroactive bill of €16.9bn. -
Swedish Covered Bond Corp (SCBC) had a tough time on Tuesday attracting a convincing order book for its fourth covered bond of the year, possibly reflecting difficult market conditions, its frequency of issuance and the tenor of its deal. In contrast, Crédit Mutuel Arkéa managed to quickly pull in demand for a shorter deal.
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Berlin Hyp returned to the euro market on Tuesday to increase the size of its inaugural preferred senior notes to €500m, at an unchanged spread from the original issue of 13bp over mid-swaps.
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The covered bonds of National Bank of Greece will be eligible for two bond indices and will attract a substantially lower capital charge following Fitch’s recent rating upgrade. At the same time, Helaba tapped its February 2024 and Münchener Hypothekenbank hit the road with plans to issue its first green Pfandbrief.
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Financial institutions avoided the primary market on Monday, despite a positive investor reaction to Moody’s change to Italy’s credit rating. On Friday, Banco de Crédito Cooperativo became the latest issuer to postpone plans against a tough market backdrop.
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The International Finance Corp (IFC) has committed $150m to a green bond issued by China Banking Corp, supporting the Philippines’ efforts in fighting climate change.
Polls and awards
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Bond market's leading performers recognised at GlobalCapital's annual awards ceremony
The awards recognise the market's leading deals, issuers, banks and other participants
The winning institutions and individuals will be revealed at the awards dinner on June 17 in London
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