Natixis
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French investment company Wendel bought a €300m no-grow trade to an uncertain, but increasingly stable corporate bond market on Monday.
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Commodity trader Gunvor has launched its $1bn annual loan refinancing, following a deal for its Asian subsidiary that doubled in size after strong demand from lenders. -
Raiffeisenlandesbank Niederösterreich-Wien and Banca Carige have mandated leads for covered bond roadshows that will start in early October.
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ING Belgium and Bawag received good receptions for their covered bonds issued this week, in contrast to less spectacular outcomes for deals from Westpac New Zealand and UniCredit.
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The holding company of French motorway operator Société des Autoroutes du Nord-Est de la France, Holding d’Infrastructures de Transport, printed a €200m tap on Tuesday as the primary market remained quiet.
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Banco Popular Español (BPE) and Caja Rural de Castilla-La Mancha (CRCLM) issued Cédulas this week that were barely subscribed and relied heavily on demand from the European Central Bank.
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The holding company of French motorway operator Société des Autoroutes du Nord-Est de la France, Holding d’Infrastructures de Transport, printed a €200m tap on Tuesday as the primary market remained quiet.
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Covered bond issuers failed to take heed of poor market conditions and, just like lemmings, followed one another with poorly performing deals this week.
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Pernod Ricard, the French distiller, priced an opportunistic €500m bond on Monday, paying a hefty 18bp premium in a market at risk of keeling over.
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Kuxtabank this week issued the first Spanish covered bond backed by loans with an environmental, social and governance remit, and the first peripheral 10 year since March.
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The Republic of Latvia sold its €500m 10 year bond on Wednesday attracting a €800m book and a new SSA investor base.
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The Republic of Latvia has released initial price guidance at 40bp area over mid-swaps for its new 10 year euro denominated bond, representing only a 20bp new issue premium, but a doubling of the sovereign’s secondary spreads, according to bankers away from the note.
