HSBC
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If all asset classes that ECB touches turns to gold, this week the corporate bond market showed signs that they do not remain that way. The astonishing run of issuance is by no means over, but deals’ bookrunners are recording increasingly contradictory results, writes Ross Lancaster. -
The City of Buenos Aires is set to sell up to $890m of bonds as soon as Tuesday as it looks to take advantage of what one Buenos Aires-based banker described investors as “drunk” on Argentina risk.
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A remarkable week for public sector dollar issuance could lead into an even more impressive spell, after the release of hawkish US Federal Reserve minutes moved the 10 year part of the curve tantalisingly close to borrowers’ grasps. Craig McGlashan reports.
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The European Financial Stability Facility is the biggest confirmed name for euro issuance next week, with a wide variety of trade options open to it, according to bankers.
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There was a steady stream of sterling deals in the supranational and agency market this week, amid confidence that volumes will keep up until the UK’s referendum on European Union membership is imminent.
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Norwegian issuer SR Boligkreditt and New Zealand borrower Westpac NZ will both take new euro deals on the road before the end of May, and the UK’s TSB has confirmed covered bonds will form part of its long term funding.
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Caja Rural de Castilla-La Mancha this week issued the first Cédulas in more than two months and swept aside concerns that peripheral issuers would need to pay lavish new issue concessions.
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Nederlandse Waterschapsbank showed the bid for duration in euros is alive and well, after a rapid book build on Thursday on its debut 20 year euro syndication, while a French agency lined up a dual tranche deal.
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Indonesian state-owned oil company Pertamina has requested proposals from banks for a $1bn five year loan that includes a greenshoe option, according to bankers.
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Export-Import Bank of Korea (Kexim) set a new benchmark this week with what bankers say is the first triple tranche deal out of South Korea. The policy bank managed to bring high quality US investors into its three year notes, while also sealing tight pricing on the longer-dated portion.
