HSBC
-
-
-
-
GDF Suez launched its second modern-style hybrid capital issue on Thursday in a successful €2bn transaction that contrasted with the rocky execution of its first issue in July 2013. The deal showed the corporate credit market bouncing back vigorously after five days of weak trading. -
European Investment Bank and Export Development Canada showed their Australian dollar appeal this week, selling hefty deals in the belly of the curve. Japanese demand propelled the EIB to success, allowing the issuer to sell its largest Kangaroo deal in three years.
-
Storming conditions in dollars this week led to a series of blow-out deals — but a large amount of supply in the last two weeks, plus uncertainty over the outcome of upcoming European elections and what the European Central Bank will do at its next meeting could mean that issuance conditions won’t be red hot for much longer. Those problems could also affect euros — where issuers considering deals at the 10 year part of the curve have the added difficulty of offering a sufficiently enticing yield.
-
Two Mexican financial institutions are meeting the buy-side ahead of the potential dollar issues as the country’s issuers continue to enjoy optimum issuance conditions thanks to strong bond markets and the reform agenda driving popularity with investors.
-
A dearth of senior issuance this week left the spotlight on the subordinated debt market, and with the market quiet, LBBW and SEB were able to focus on price and sell aggressively priced tier two trades.
-
Latin American development bank Corporación Andina de Fomento increased the size of its first euro benchmark for three years as it gets closer to its aim of being considered an SSA, rather than EM, issuer. It will now try to take this strategy to dollars.
-
Profit taking has taken a toll on the periphery this week, but even as Italy’s government bonds continued to take a beating on Wednesday and the market for subordinated FIG debt softened, Italian insurer Poste Vita took to the market with a tier two capital transaction at a level that showed investors are still receptive to new deals.
-
Brakes Group, the UK food supplier owned by private equity firm Bain Capital, priced €150m of new bonds and a £257m tap on Wednesday, as it finalised the shift in its debt structure from loans to bonds.
