HSBC
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Equity capital markets in Emea reopened after the holidays this week, with details of the first new capital increases in France and the UK being made public.
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Covered bond issuers from Europe’s core accessed the market across a range of intermediate tenors this week with LBBW, Compagnie de Financement Foncier (CFF) and Helaba issuing some of their largest deals in years.
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A remarkable sterling deal from the European Investment Bank sparked off a week that could become a record opener for supranational and agency issuance in the currency. -
DNB Boligkreditt got the Nordic covered bond market off to a blistering start on Wednesday with a €2bn five year deal that leads were able to tighten by 5bp from initial guidance.
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Coventry Building Society received a strong reception for the first euro-denominated covered bond from a UK issuer since the UK Brexit referendum. Despite cheaper funding alternatives, the deal demonstrated Coventry’s strategic commitment to the euro market.
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Royal Bank of Canada, Canadian Imperial Bank of Commerce, Commonwealth Bank of Australia and Deutsche Pfandbriefbank tapped the sterling covered bond market this week at cheaper levels than they could have achieved in euros and dollars.
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A pair of public sector borrowers switched up their approaches in dollars on Thursday, with the European Investment Bank taking the rare move of revising pricing and Caisse d’Amortissement de la Dette Sociale bringing a trade earlier than normal.
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Searing conditions in the sterling market could lead to a record opening week of SSA issuance in the currency as a pair of issuers lined up deals for Friday — despite this only being a four day week.
