Natixis
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The European Financial Stability Facility is the biggest confirmed name for euro issuance next week, with a wide variety of trade options open to it, according to bankers.
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Caja Rural de Castilla-La Mancha this week issued the first Cédulas in more than two months and swept aside concerns that peripheral issuers would need to pay lavish new issue concessions.
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Nederlandse Waterschapsbank showed the bid for duration in euros is alive and well, after a rapid book build on Thursday on its debut 20 year euro syndication, while a French agency lined up a dual tranche deal. -
French cable manufacturer Nexans on Thursday returned to the high yield market with a €250m unsecured note that was withdrawn in May 2015.
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Spanish property developer Metrovacesa on Friday printed a €700m deal, winning a healthy order book that proved the European corporate bond market still has legs despite heavy supply.
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DG Hyp and Deutsche Hypo launched the only two benchmark covered bonds of the week, and though both deals were priced tightly, they attracted a lot of demand.
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Agence France Locale printed its second ever syndication on Wednesday, building an oversubscribed book for a seven year deal.
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The Republic of Latvia sold its €650m 1.375% 20 year bond on Tuesday — a deal that attracted $2bn of orders.
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Natixis has been able to distance itself from other French banks struggling in the fight to remain profitable. But after reporting disappointing first quarter results on Tuesday, the bank’s armour looks to have been dented.
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Uncertainty regarding the outcome of the US Federal Open Market Committee’s (FOMC) meeting in June drove public sector borrowers to target the short end of the dollar curve this week, said bankers.
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Agence France Locale is set to bring its second ever syndication on Wednesday, after unveiling details of the trade on Tuesday.
