JP Morgan
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European insurance companies were busy raising capital in every major currency this week, as they showed they were not willing to let a strong issuance window pass by them amid Covid-19. -
There was bumper demand for Iceland’s euro deal on Wednesday that saw nearly 200 investors pour into a deal that exceeded expectations to tighten by 30bp.
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The Belgian region of Wallonne took advantage of the growing demand in the long end of the curve to sell its first social bond on Thursday, although it had to pay a chunky new issue premium to do so. Elsewhere, Bpifrance received plenty of demand to print €1.25bn with a 10 year trade.
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Bank of Nova Scotia was looking to test investors’ appetite for one of first additional tier one transactions of the coronavirus pandemic on Thursday, helping to set a reference point for pricing in the asset class.
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Insurance company Phoenix Group Holdings launched a tier two in the dollar market on Thursday in a refinancing exercise, making use of favourable conditions across the board with a "well received" trade. But the issuance raised some concerns regarding the company’s plans to deleverage after its acquisition of ReAssure.
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Citic Securities Co made its first dollar bond outing of the year on Wednesday, raising $1bn from a dual-tranche deal.
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Bank Nederlandse Gemeenten scored a 10 year dollar benchmark bond on Wednesday — its first at the tenor for four years. A fellow European issuer hit the short end of the dollar curve.
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Siemens, the German machinery maker, found plenty of demand for a multi-tranche bond issue on Wednesday, though the inclusion of a two year fixed portion strongly suggests that floating rate notes have become unpopular among corporate issuers.
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France received its biggest ever order book as it came to the market for a 20 year syndication on Tuesday. SSA bankers say that investors are looking for duration after previously sticking to defensive maturities as the Covid-19 crisis eases.
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European emerging market names have bulked up deal flow during the Covid-19 crisis and The Republic of North Macedonia continued that trend on Wednesday with a six year euro benchmark deal.
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Hong Kong property company Hysan Development Co returned to the bond market on Tuesday, raising $400m in spite of the political turbulence that has rocked the special administrative region.
