HSBC
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Sparebank 1 Boligkreditt followed Commerzbank into the covered bond market this week with another 10 year and with a 20bp premium to the German lender, its sale was a lot smoother.
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A surfeit of supply hit the long end of the covered bond curve this week as issuers piled in to take advantage of extraordinarily cheap funding conditions that are unlikely to last long. Bill Thornhill reports. -
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A dance of low yield limbo is forcing public sector borrowers to rewrite their autumn funding plans as crushed rates have made the short end of the euro curve all but inaccessible. Lewis McLellan reports.
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Loan bankers expect more activity from Russian borrowers in the final months of the year, as Norilsk Nickel prepares to come to the market and rumours circulate of a large M&A financing.
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The State of North Rhine-Westphalia sold on Thursday the longest dated benchmark ever from a German state, in a move which may encourage other Laender to follow suit.
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Poland became the first European country to issue a Panda bond on Thursday, printing a landmark Rmb3bn ($451m) deal. The depreciating renminbi was not enough to put off foreign investors, while the yield pick-up over other sovereign bonds helped ensure a strong order book. Addison Gong reports.
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The Brexit vote has damaged banks’ UK hiring plans and left their revenue projections in tatters, but the country’s status as Europe’s biggest fee pool will remain intact, writes David Rothnie.
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Bank Nederlandse Gemeenten has tapped a June 2024 line, managing to print €400m despite offering a negative yield. Land NRW will sidestep the negative yield problem on Thursday by moving out the curve.
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Activity is ramping up in emerging markets with several mandates coming through this week. While the unrelenting buying of the asset class continues, idiosyncratic risks are a reminder of the volatility that can arise.
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Hyundai Capital Services got the timing right on its 144A outing on Tuesday, making an opportunistic move before the markets become crowded with South Korean names. Market participants said HCS’s efforts in putting together its trade paid off, with a win-win outcome for both investors and the issuer.
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The European Investment Bank kicked off post-summer jumbo dollar issuance on Tuesday with a well-received five year deal, as another issuer jumped in with a shorter dated mandate.
