Germany
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Companies are continuing to use windows for corporate bond issuance ahead of Sunday’s Italian referendum, as three borrowers hit the euro bond market on Tuesday. -
Eurex, the derivatives exchange of Deutsche Börse, has launched a daily future linked to the Kospi-200 index, which will be fully fungible with contracts traded on the Korea Exchange (KRX).
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Rentenbank has announced that it will sell a five year dollar bond on Tuesday, winding up its 2016 funding programme and making the most of what a banker at one of the leads called “one of the last good windows of the year”.
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One of the last two substantial European IPOs of 2016 looks set to be completed on Friday, when RussNeft, one of Russia’s 10 largest oil companies, floats in Moscow for at least $495m.
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European and UK issuers have driven the US Private Placement (US PP) market to near record highs, despite concerns around the Brexit vote and US presidential elections. Now, the prospect of the end of an era of record low rates could push volumes to unprecedented levels, writes Elly Whittaker.
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The European Commission this week announced a banking reform package that will result in changes to the CRR and CRD IV capital requirement legislation, as well as changes to the BRRD and SRMR legislation relating to recovery and resolution of failing financial institutions. The package is very broad, so we won’t attempt to comment on all of the measures.
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The euro market for public sector borrowers repoened on Tuesday as a pair of issuers took advantage of calmer conditions since the US election on November 8 to raise nearly €2bn in total — both paying small new issue premiums.
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KfW was able to increase from its original size target and tighten pricing on Tuesday with the first public sector dollar bond of over $1bn since the election of Donald Trump as US president.
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FMO is set to raise a minimum of Skr500m ($54.25m) with a seven year sustainability bond on Tuesday, while KfW plans to bring a dollar green bond.
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GlobalRMB has launched a new Monday round-up, featuring key market and regulatory developments from the weekend. This edition includes: mixed RMB FX performance, unexpected delay to the Shenzhen Connect, and Luxembourg looking to join the Belt and Road Initiative.
