Nordea Markets
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The total issuance of investment grade corporate bonds in February was an underwhelming €14.8bn but the property sector has outshone all others in 2018 and this week was no different as investors had further diversification to consider. -
Six of the nine investment grade corporate new issues in the last week of February were announced with a three letter acronym that, while providing clarity, served to frustrate investors keen to see greater volumes of issuance. WNG stands for “will not grow” and this week told investors that the meagre sized deals would not be increased, irrespective of demand.
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Five new investment grade corporate bond deals were priced on Tuesday and, while pricing was competitive, none of the issuers allowed for any growth in the size of the deals as all five used a no-grow strategy.
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Siemens has begun the IPO process for the highly anticipated spin-off of its health division, Siemens Healthineers, by releasing its intention to float document.
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GlobalCapital revealed the winners of its 2017 Loan Awards at its annual Loans and Leveraged Finance Awards Dinner at Gibson Hall in London on February 7. The full results are below: GlobalCapital congratulates all the winners and nominees.
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A pair of euro borrowers braved a tricky market on Tuesday, raising a combined €4bn despite heavy weather in government spreads. One opted for a defensive pricing strategy, while the other attempted to squeeze investors.
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Nordea Bank issued a four year floating rate deal on Wednesday, in the first unsecured trade from a Swedish bank since the country’s regulator laid out institutions’ needs for the minimum requirement for own funds and eligible liabilities (MREL).
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Swedish healthcare company Capio has given its revolving credit facility a shot in the arm by amending and extending it, increasing it by 45% to €343m-equivalent and extending its maturity by 2.5 years.
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Dollar SSA deals are showing little signs of a hangover from a public holiday in the US on Monday, with all three of Wednesday’s trades well over subscribed and pricing inside guidance.
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A widening in dollar swap spreads since the end of last week should help support a trio of dollar deals on screens for Wednesday’s business, said SSA bankers.
