Natixis

Coventry Building Society has mandated leads for a roadshow ahead of a possible €500m seven year covered bond. The announcement follows further rates volatility and the withdrawal of most bids in the secondary market.

SP Mortgage Bank got a strong response this week for its first covered bond, partly due to its defensive five year maturity, while Caffil did well to issue a 15 year deal despite soaring volatility.

Adecco and ASML won single digit new issue premiums on a positive day in the corporate bond market on Wednesday, but both issuers’ order books dropped when they tightened pricing.

China National Chemical Corp (ChemChina) is meeting investors for a euro bond this week, as it looks to raise funds to pay down debt taken for the acquisition of Italy's Pirelli.

Covered bond supply surged to its highest levels in seven months this week, as issuers scrambled to raise funding before the end of the year and costs soar even further.

Three corporate issuers pushed deals into a widening primary market on Wednesday with mixed results, as rates volatility kept new issue premiums elevated for borrowers.

Commerzbank returned to the covered bond market on Wednesday to issue its fourth deal of the year. Although order book granularity was less than usual, the €500m long six year was priced tightly and the quality of interest was high.

Groupe SEB, the French maker of household appliances, issued its first convertible bond on Tuesday, raising €150m at a negative yield, as part of the financing for an acquisition.

Nordea Mortgage Bank (NMB) has successfully issued its first deal. The choice of tenor, along with the issuer’s strong credit profile, and strong sentiment towards the Nordic region, were instrumental in achieving the positive outcome.

In the midst of an aggressive EM bond rout, Egypt was given a much needed boost after the International Monetary Fund approved a three year $12bn loan on Friday.

Shares in Phoenix Group Holdings, the UK buyer of closed life insurance books, have gained 1.9% since the company announced on Wednesday the successful completion of its £735m rights offer to finance its takeover of Abbey Life.

Natixis’s ‘asset light’ restructuring strategy, called New Frontiers, showed signs of success in Q3 with revenue from new loan production more than doubling and equities jumping 14%.