Morgan Stanley
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State-owned oil company YPF’s blowout bond issuance this week is a promising sign for other Argentine issuers in a country in critical need of dollars. But the list of those that potentially have market access is short, warn investors, despite a rally in Argentine debt in the past week. -
US investors’ appetite for bond issues remained sharp this week, while issuance dipped, as they grabbed opportunities to participate in deals from less frequent issuers like MidAmerican Energy and Interpublic Group and gobbled up extra spread.
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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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UniCredit sailed to success with a three year floating rate deal on Thursday, reaffirming the strength of demand from investors for Italian financial paper. Even investors that normally stick to fixed rate paper were lured into the deal by the prospect of picking up Italian risk.
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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.
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Banco Popular Español (BPE) issued the third Cédulas of 2014 and at €1bn, the issuer’s largest covered bond in three years. Though it was by no means the most attractive spread this year it was less than half the average of its previous three deals.
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Swiss fasteners and fittings firm SFS launched a $600m IPO on Thursday. Bankers said investors should look beyond the company's unexciting business sector and instead revel in the firm's network of global relationships.
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Ian Gilday will join Morgan Stanley as co-head of EMEA leveraged finance in the summer, after gardening leave.
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Thursday is set to see the first senior unsecured supply of the week, with two euro deals expected to price in the afternoon. Sparebank 1 SR-Bank is selling a seven year benchmark while UniCredit is set to price a three year floater.
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The world’s largest pork processing company has launched its jumbo IPO with a 28-strong syndicate. The size of the group has attracted plenty of comment in the market, but even bankers on the deal concede that it could lead to disagreements, particularly as the valuations of comparables are so diverse.
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UBS has appointed Paul Au and Patrick Liu as co-heads of Asia DCM, finally filling a role left empty by the departure of Guy Wylie in June 2012.
