HSBC
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Telefónica returned to the euro bond market after only a month with a more vanilla offering than its last issue, a hybrid bond, as investors favoured the shorter piece of its dual tranche offering. -
With one quarter left of 2016 to go and global issuance 22% down, the equity capital markets bookrunner race is going into its final straight. Familiar faces are leading the pack, but incumbents in general are having a tough year.
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On Monday Spain's Ibercaja returned to the covered bond market for the first time since 2010 to issue the tightest Spanish deal this year. Although the book contained fewer orders than many Spanish covered bonds, the scale of excess demand was above average.
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Sodexo, the French catering, support and care services group, hit the euro market on the same day the US released nonfarm payrolls for a €600m 10.5 year bond that clinched "super tight" pricing.
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Hellenic Petroleum on Thursday opened books for a new euro bond to redeem its 8% 2017s, with coupon guidance already some 200bp tighter than the old notes.
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It was all going so well for Italy. Its entry to the 50 year bond club on Tuesday pulled in a monstrous €18.5bn of orders. But almost immediately the bond became tradeable, the market frothed with talk of the European Central Bank tapering QE, sending Eurozone periphery bonds into a tailspin to remind everyone just how much markets are in the grip of central bank policy. Lewis McLellan reports.
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The covered bond pipeline grew this week as Ibercaja and BNP Paribas Fortis mandated leads for roadshows and Nordea signalled it could be ready to return soon.
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Hannele Pokka, the Finnish minister for the environment said, in an exclusive interview with GlobalCapital, that she believes the ratification of the Paris Agreement, the first ever universal, legally binding climate accord struck in 2015, will spur on the green bond market’s development.
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ASB Bank extended its euro curve with a tightly priced seven year. But with half the demand that was seen in the previous seven year from a New Zealand bank, its size ambition was thwarted.
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Details about a $350m-$400m financing for private equity firm Permira’s acquisition of corporate services provider Tricor Group have emerged.
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Export-Import Bank of Malaysia, which has doubled the size of its multi-currency medium term note programme to $3bn, is preparing to hit the road for a dollar deal.
