Nomura
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The public sector market for euro paper is providing superb execution for those borrowers that still have needs in the currency — but those are few and far between. -
KommuneKredit and Erste Abwicklungsanstalt rounded out this week’s dollar issuance in what has become typical fashion for trades over the last few days — oversubscribed books and tightened pricing. But KommuneKredit’s deal featured a novel aspect that SSA bankers hope other issuers will embrace.
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The SSA dollar juggernaut is set to roll into a third day, with two deals on screens for Thursday’s business. Investor appetite shows no sign of letting up, as the two deals priced on Wednesday drew large books — as was seen with a host of trades a day earlier.
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Nomura has hired Omar Ghalloudi as head of developed markets trading in flow credit for EMEA. This is a new position.
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Nederlandse Waterschapsbank (NWB) launched a four year green bond on Tuesday, pricing flat to its curve and clearing the way for Agence Française de Développement (AFD) to attempt to emulate the Dutch agency’s success.
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The European Financial Stability Facility rounded off its funding programme for the year with a pair of taps on Tuesday with a deal praised as “an impressive result”.
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In a new sign of how hot Europe's leveraged finance market has become, Verisure, the Swedish security systems company, is seeking to raise €3.5bn of bonds and loans, partly to fund the market's biggest dividend recapitalisation this year.
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Emirates NBD turned heads with a new five year note offering 140bp area over mid-swaps on Tuesday. Investors said they were glad to take the extra spread on offer thanks to regional political tensions.
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HDFC Standard Life Insurance Co got off to a flying start with its Rp86.9bn ($1.3bn) IPO in India, as books opened on Tuesday following a hugely successful anchor investor process.
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Oesterreichische Kontrollbank reopened a Kangaroo line on Monday and found interest from investors that are not often seen in Australian dollar SSA deals.
