HSBC
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Investors should expect a rush of aggressively priced deals from SSA issuers in the coming weeks, according to syndicate bankers. Borrowers emboldened by a strong new issue market are considered likely to throw caution to the wind and turn their eye to securing very attractive levels in lieu of large sizes.
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One of Europe’s key leveraged finance transactions this year could be in jeopardy after France’s Bouygues topped its sub-investment grade rival’s bid for the mobile phone operator SFR by as much as €1.4bn, writes Olivier Holmey. -
Credit Agricole’s medium term plan, published on Thursday, features the investment bank moving to a “distribute to originate” model, anchored to Europe and serving major borrowers and investors.
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Piraeus Bank built a blow-out book for its three year bond, in a transaction that could herald the coming of a wider array of peripheral borrowers.
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Royal Dutch Shell, the UK-Dutch oil company, issued its first euro bond since 2009 on Wednesday, completing a hat-trick of bond issues this week by oil majors.
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Banco do Brasil brought its debut euro transaction up to €1bn with a well-timed €300m tap this week as the issuer took advantage of a rally in Brazilian paper as accounts dumped Russian risk. And a chunky new issue concession ensured a strong secondary performance, even as comments about quantitative easing and interest rates from the US Federal Reserve put pressure on markets.
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Abengoa has increased its seven year high yield bond to €500m. The Spanish engineering and renewable power group priced it at the tight end of guidance on Friday.
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US interest rates are likely to rise next year. Janet Yellen dared say as much at her maiden press conference as Federal Reserve chair on Wednesday, provoking a swift rise in the Treasury curve.
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Total, the French oil company rated Aa1/AA-, launched its first benchmark euro bond of the year on Tuesday, after a $2.5bn issue in January.
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Volkswagen showed its elite status in the debt capital market again this week by issuing €3bn of hybrid capital — the largest corporate hybrid ever sold entirely in euros.
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AIB Mortgage Bank enjoyed a stellar response to its first covered bond of the year. The deal attracted the highest level of oversubscription for any Irish covered bond since the Irish government’s bail-out of its banks, pricing with a double-digit spread over mid-swaps, and with no new issue premium.
