NatWest Markets
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A pair of European supranationals are set to pick up size at the long end of the curve this week, after European Stability Mechanism hired banks for its second benchmark in two weeks. -
HSBC has named a new Hong Kong CEO, a position that has been vacant since the departure of Anita Fung earlier this year.
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The International Swaps and Derivatives Association is likely to have to change its licensing practices as a result of a $1.9bn credit default swaps price fixing settlement by banks, according to a source familiar with the case.
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The euro pipeline for SSAs is fit to burst amid strong conditions, with a trio of issuers hitting screens on Monday and at least one borrower set to come with a deal later in the week.
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A pair of oversubscribed deals at the long end of the curve in euros this week has reopened a market that has been moribund for much of the year, as investors come to terms with low yields, writes Tessa Wilkie.
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Belgium on Wednesday printed the largest euro benchmark of 20 years or longer since the European Central Bank began a programme of public sector bond buying earlier this year.
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Belgium is out with the longest dated deal from a sovereign, supranational or agency — outside the emerging markets — since February. And it is drawing a rip-roaring response which could encourage other issuers to look at the long end.
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British largest off-license chain Conviviality Retail has agreed to buy drinks wholesaler Matthew Clark Holdings with funds from £80m of term loans and a £130m share placing.
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Belgium has mandated for the first fixed rate benchmark longer than 20 years in the sovereign, supranational and agency sector in euros since February, while an Austrian agency also found demand at the long end of the euro curve.
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Telecoms company Telefonica was one of two Spanish corporates to tap the euro market on Monday. Gathering a solid order book despite a minimal new issue premium, Telefonica appeared unaffected by any concerns regarding upcoming elections in Spain.
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The euro market was treated to its first 10 year corporate deals in more than a month on Thursday, with Irish food producer Kerry and French utility Suez Environnement opening books.
