North America
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Yankee bank deals are expected to take centre stage in a resurgence in high grade issuance when the dollar market reopens after its three-week hiatus.
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Covered bonds proved their worth this week as, despite difficult market conditions, 10 borrowers were able to collectively raise more than €8bn at levels that looked attractive compared to senior unsecured financials. -
Oil prices have rebounded from recent lows sending both investment grade and high yield oil and gas bonds to trade tighter than last week’s all-time highs.
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North American banks took advantage of the opportunities offered by euros this week, as the dollar market remained quiet ahead of Labor Day on Monday. The deals showed the FIG sector regaining its poise after the recent bout of volatility, said bankers.
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Wells Fargo attracted strong demand for a seven year senior unsecured deal on Thursday, as investors returned en masse to the European FIG market.
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The Canadian state of Quebec has delayed the implementation of a new rule that would require registration for foreign brokers trading derivatives for investors located there.
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The European high yield market has a good chance of avoiding contagion from the wider swing away from risk in financial markets, according to investment strategists at Deutsche Bank.
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Activity in the covered bond primary market continued at a brisk pace on Wednesday as RBC, DG Hyp, Caffil and Erste Bank priced transactions, taking the deal count this week to 10. Despite mixed receptions, issuers have been able to raise over €7bn, with over €3bn issued on Wednesday, and at levels that look attractive compared to senior unsecured financials.
