NatWest Markets
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Italian carmaker Fiat joined the recent flurry of crossover issuers on Tuesday with a seven year speculative grade rated bond. The deal attracted strong demand of over €4.5bn, which allowed Fiat to issue €1bn. -
Rallye, the unrated French holding company that owns 49% of Casino, the French supermarket chain, and 90% of retailer Groupe Go Sport, launched a bond issue today that investors jumped on, relishing its 4% yield. The €300m issue was increased to €500m.
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After a week of booming issuance in the senior market, macroeconomic concerns have taken full grip. The market had initially refused to bend to concerns over political upheaval in Turkey and the standoff between Russia and Ukraine.
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Spanish construction firm ACS has raised €405.6m through a five year bond exchangeable into Iberdrola shares less than six months since a similar €720m transaction exchangeable into the utility firm’s stock.
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Länsförsäkringar Hypotek (LF Hyp) issued Sweden’s first covered bond deal of the year on Tuesday, after Finland’s OP Mortgage Bank attracted excess demand for its deal on Monday. The Swedish bank’s euro funding was notable for being cheaper than that achievable in its home market.
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Santander and BNP Paribas printed their first dollar trades of 2014 as demand for investment grade paper continued its strong run.
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Verizon Communications brought back memories of its $49bn record-breaking bond in September with a $4.5bn offering this week that sucked in nearly $23bn of orders.
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Insurance and pension fund demand is likely to drive further 20 year benchmarks after this week’s triumphant €5bn syndication from Belgium, SSA bankers argued this week. New appetite for the rare maturity particularly reflects the Solvency II directive, under which insurers’ holdings will be assessed using mark-to-market values up to 20 years, writes Craig McGlashan.
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Areva, the French nuclear power construction group, issued a €750m nine year bond on Wednesday that was solidly oversubscribed, but was not the blowout enjoyed by Teollisuuden Voima a week ago.
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Dutch lender Rabobank will sell a new seven year Swiss franc deal on Tuesday afternoon, showing demand remains strong for strongly rated financials despite a steady flow of deals so far in 2014.
