Natixis
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Türkiye Iş Bankasi has tightened price guidance to 340bp area over mid-swaps on a 5.5 year dollar benchmark bond, bringing the third Turkish financial institution bond in a fortnight — after Yapi Kredi and TSKB — and offering around a 10bp new issue premium.
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Arkema’s roadshow for its possible €600m-€700m perpetual non-call six year hybrid bond issue finished today in Germany, following investor meetings in Paris and London which the leads say were well attended. -
Three issuers, two of them US banks fresh from earnings releases, announced deals to a buoyant euro denominated senior unsecured market on Wednesday.
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Primary issuance in covered bonds slowed this week with just one deal emerging on Wednesday from Canadian issuer La Caisse Centrale Desjardins du Quebec (CCDQ).
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Goldman Sachs has not given up on its Fixed Income Global Structured Covered Obligation (Figsco). The market has moved in Goldman’s favour since the deal was first announced, despite the bad publicity around the trade.
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A cacophony of troublesome macro conditions are rocking the markets and could make issuance exceptionally tricky for issuers looking to print dollars in the coming weeks. A pair of borrowers felt the pain on Wednesday, with their leads setting pricing in line with initial price thoughts and at least one of the deals undersubscribed — a far cry from a series of blow-out dollar trades since the market reopened after the summer.
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Commodity trader Gunvor has launched a $900m dual tranche revolving credit facility into syndication. The loan replaces one tranche of a deal signed in 2013.
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Natixis has appointed a new head of credit research and a new head of equity research, both internal promotions.
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Although this week’s primary covered bond supply was limited to three deals and the near term outlook is limited by AQR results and Q3 reporting blackouts, demand reached a substantial €5.4bn of orders. Notable activity included the first public sector issue under Belgium’s covered bond law and the tightest ever Canadian euro print.
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Canadian Imperial Bank of Commerce has funded itself at the cheapest ever level for any Canadian bank in the euro market. The issuer, which this week priced a five year €1bn covered bond, dispensed with setting guidance and went straight from initial price thoughts to the final spread.
