Nomura
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The short end of the euro curve is becoming the new sweet spot for public sector borrowers, according to SSA bankers, despite the deeply negative yields in these maturities. The European Stability Mechanism (ESM), Instituto de Crédito Oficial (Ico) and Investitionsbank Berlin (IBB) are all enjoying strong outings with three or five year tenors this week. -
The European Stability Mechanism completed its funding year with a blow-out €3.5bn five year bond on Tuesday, which paid a minimal new issue concession at the final spread.
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The European Stability Mechanism has chosen a five year tenor to kick off its funding for the fourth quarter. Meanwhile, a French public sector agency is out with its debut sustainable benchmark bond.
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Paolo Cicchine will join Deutsche Bank as vice-chairman of global healthcare coverage.
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Richard Boardman has joined RBC Capital Markets to help the bank provide capital and asset-liability management (ALM) solutions to financial institutions.
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A real estate investment trust backed by conglomerate Lotte Group has raised W430bn ($362.1m) in South Korea’s largest public Reit listing.
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A scorching week in the dollar market provided some $18.5bn of funding from issuers across the SSA spectrum. Maturities from three to 30 years were accessed, and each deal enjoyed strong demand and well-filled books.
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The buyout bonds for Merlin Entertainments and Kantar, backed by Blackstone and Bain, will set new standards for European issuers. If the investors strike down the "net short" clauses — as they did in an earlier Inmarsat deal — the sponsors may give up on the controversial strategy to battle hedge funds with large CDS positions.
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Dar Al-Arkan, a Saudi Arabia-based real estate developer, raised $600m on Wednesday with a February 2025 sukuk, defying market volatility to offer little in the way of new issue premium.
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Marco Patuano is joining Nomura to advise its European investment banking operations. The bank believes he will help source clients in Italy.
