JP Morgan
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Portugal will become the first eurozone periphery sovereign to test the post-summer syndication market — but its choice of tenor has been limited by several weeks of turmoil in global markets. -
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KfW showed public sector issuers exactly what it takes to get euro investors reaching into their pockets this week — a hefty new issue premium, writes Tessa Wilkie.
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The corporate bond pipeline for September swelled rapidly over the course of this week, with no less than six companies hiring banks for roadshows in the near future.
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Banque Fédérative du Crédit Mutuel has burst back into the market shortly after a summer blackout, raising €600m with a spree of floating rate medium term notes.
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NL Financial Investments, the organisation that handles the Dutch state’s shareholdings, has selected eight investment banks as bookrunners and co-lead managers for ABN Amro’s highly anticipated flotation.
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One of the biggest borrowers in the public sector capital markets is gearing up to test demand in the belly of the euro curve, two days after a less than ecstatic investor response to a 10 year from Finland.
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Public sector benchmark issuance snapped back after extreme volatility in credit and equity markets early this week, but bankers are concerned about the depth of demand in the currency.
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Finland priced a €3bn 10 year deal a day after global markets were rocked by a big sell-off in Chinese equities. But the investor response to the deal had some bankers saying the issuer should have waited.
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Two rare issuers announced plans to issue euro debt on Tuesday, with Swisscom mandating for its third ever deal and Pentair hiring banks for a possible debut in the currency.
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Swedish Export Credit Corporation had to brave turbulent conditions on Friday to wrap up a flurry of dollar benchmarks from public sector issuers this week.
