JP Morgan
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Länsförsäkringar Hypotek (LF Hyp) issued Sweden’s first covered bond deal of the year on Tuesday, after Finland’s OP Mortgage Bank attracted excess demand for its deal on Monday. The Swedish bank’s euro funding was notable for being cheaper than that achievable in its home market.
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The heyday of the Spanish Cédulas market may be long gone with the product presenting something of a rare commodity in the primary market these days, especially at the long end of the curve. But this week investors got their chance to buy when CaixaBank issued Spain’s second only covered bond of the year and the second only 10 year in two years, even though the issuer admitted it did not need the funding.
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A strong run of dollar issuance throughout this week is likely to continue as investors look to put money to work in a stable rate environment, according to syndicate bankers. Caisse d'Amortissement de la Dette Sociale and the European Investment Bank crowned a barnstorming week in the currency, with jumbo deals in tough maturities.
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Over €10bn of orders proved inadequate insurance against a shift in sentiment this week as the tightest additional tier one debt deal yet — KBC Group’s €1.43bn perpetual non-call five — widened in secondary trading. The pullback followed the deal emerging even further inside 6% than its landmark predecessor. -
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Printing $8.5bn, Petrobras did not break EM issuance records this year, and the state-owned Brazilian oil company paid a larger new issue premium than it is used to. But LatAm bond bankers said that the hefty amount the company raised towards its big investment programme was success enough given the negative sentiment surrounding Brazil.
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A trio of rare dollar issuers took to the short end of the curve this week, supplying investors at a point that has been starved of new deals this year. The Kingdom of Denmark drew the strongest response, beating out even the Bank of England in terms of demand and pricing at the same level.
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Circassia, a UK biotech firm that is developing drugs to combat cat allergies, raised £210m through an IPO that brought the busy US sector to UK investors.
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France's Oberthur Technologies completed the early refinancing of €465m-equivalent of term loans on Wednesday, slashing the margins.
