HSBC
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It is a mark of how far the market has come from a barren week at the end of May that not just one, but three deals, totalling €2.75bn, were priced on Friday. The European Central Bank meeting and the expectation of a deal from German pharmaceuticals company Bayer played their part in the issuers’ decisions on timing and the order books justified those choices. -
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The week began with that rarest of things in recent times, a welcoming political backdrop. It was marred, however, by monetary policy meetings from the two most important central banks in the world. While the US Federal Reserve’s second rate hike of the year was a foregone conclusion, it caused the dollar curve to flatten still further, making the euro market even more fertile funding territory than it has been for SSAs. But even so, euros had its own struggles this week, facing what one head of SSA syndicate called “one of the most important and unpredictable European Central Bank meetings for a long time”. Lewis McLellan reports.
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KommuneKredit will hit the road next week to talk up a new green bond, while a fellow Nordic issuer is looking to enter the social bond market — although not for some time yet.
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The return to health of the investment grade corporate bond market has been a path carefully trodden one step at a time. French electrical components manufacturer Schneider printed a successful nine year new issue on Wednesday, following corporate deals with eight and seven year tenors on the previous days of the week, but the lack of other supply surprised some bankers.
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The Paris IPO of Delachaux Group, the French maker of railway equipment, has been called off after CVC agreed to sell its stake in the company to Caisse de dépôt et placement du Québec (CDPQ) for an undisclosed price.
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UK banks may have to reassess the make-up of their capital structures after the Bank of England said this week that it could slap a higher minimum requirement for own funds and eligible liabilities (MREL) on groups with regulatory debt sat outside the main resolution entity.
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German chemicals producer BASF found overwhelming demand for its first sterling corporate bond of 2018 this week. The issuer’s £250m ($330m) offering was more than six times oversubscribed on Thursday, as sterling investors clamoured for a rare non-UK credit.
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The pipeline of Indian loans is building up, with Housing Development Finance Corp and Kotak Mahindra Bank seeking new fundraisings.
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Industrial and Commercial Bank of China (Asia) on Wednesday priced a triple-tranche green bond. But the deal, comparatively smaller than recent issues at $730m equivalent, had a moment of intrigue when one global co-ordinator left the syndicate group.
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Huo Rongrong, the former global head of RMB and China business at HSBC, has left the bank for Investec Asset Management. The London-based banker will have a broader remit in her new buy-side role.
