JP Morgan
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Investors sank their teeth into tier two FIG debt this week, with insurance company NN Group, BBVA and NordLB each hitting the market in an otherwise quiet few days for the market, compared to recent weeks.
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Deutsche Annington, the German housing company part-owned by Terra Firma, issued its first hybrid capital bond on Tuesday, raising €700m. It was the first large hybrid capital issue from a European property company, bankers said, and demonstrated clearly how the instrument can be used in acquisition finance. -
A trio of SSA issuers took to the dollar market this week to sell aggressively priced deals, filling gaps in supply at the front end and belly of the curve. However, while deals this week may have thrived at very tight levels, syndicate officials have warned that issuers may need to be more reasonable in the levels they demand in the near future.
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Svenska Handelsbanken sold its debut Kangaroo bond on Wednesday morning, the first senior unsecured note in the format out of Scandinavia. Strong demand for the print could encourage deals from other Nordic issuers, according to bankers involved with the deal.
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NIBC Bank returned to the covered bond market this week to launch its second conditional pass-through covered bond (CPTCB). The book suggested that the issuer attracted a greater scale of demand from a wider group of buyers than in its first deal. The growing acceptance of this innovative product at a much tighter spread bodes well for future use of the structure.
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An impressive euro benchmark debut for Kommunalbanken that left bankers running out of superlatives should be a “blueprint” for other top-rated issuers looking to enter the market, according to a head of SSA DCM.
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Berlin Hypothekenbank mandated joint leads on Monday for a euro Pfandbrief and a roadshow to explain its new ownership structure. The mortgage bank will be directly owned by the savings banks and will become an affiliate of Landesbank Berlin, rather than its subsidiary.
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Domus, a Dutch firm that invests in real estate in the Czech Republic, is seeking an IPO of around €250m as it looks to list in Amsterdam.
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Spanish online travel agent eDreams OdiGeo completed a €376m-€433m IPO, giving the firm a market capitalisation of around €1.1bn and pricing at a premium to comparable issues.
