Natixis
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The French issuer, Axa Bank, has launched a sub benchmark covered bond with a 15 year maturity which closely matches the long dated assets on its balance sheet. This deal is likely to be the last deal under the present structure of its covered bond programme. -
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Covered bond deals issued this week by Société Générale and Erste Bank showed that there is still good demand for bonds issued by national champions, even in the more difficult longer tenors.
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Ten year Pfandbrief €500m deals issued this week by NordLB and Bawag were narrowly oversubscribed even with the support of the Eurosystem.
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As many as eight covered bonds were launched across three currencies this week, the vaguely discernible pattern suggesting better interest for the larger deals with intermediate maturities and particularly those from non-eurozone issuers where liquidity is most likely to be better.
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Gas Natural Fenosa, the Spanish energy firm, kept the long end alive on Wednesday as it issued a €1bn 10 year bond that won over two times oversubscription.
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Latin American issuers are leading the charge to primary markets this year so far in emerging market bonds but Wednesday saw the first CEEMEA issuer to open books as Israel tried a dual tranche 10 and 20 year trade.
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Foncière des Régions, the French property company, has achieved a covered book for its €348m capital increase to finance the acquisition of a portfolio of 19 Spanish hotels through its subsidiary Foncière des Murs.
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Following a non-deal roadshow in December, Italian electricity and gas distributor Enel sold investors a €1.25bn seven year deal on Monday as it made its debut in the green bond market.
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Right Lane, a subsidiary of Chinese conglomerate Legend Holdings, has approached the loan market for a $350m borrowing.
