RBC Capital Markets
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After Volkswagen (VW) printed the biggest corporate bond trade in its history the previous week, Volkswagen International Finance sold a six tranche dual-currency deal on Monday. While pricing on the dollar clips was commended by market participants, there were fewer compliments about the euro tranches, writes Nigel Owen. -
In an otherwise barren week for block trades, Hansa Medical, the Swedish biotechnology company, raised Skr399.8m of fresh capital to fund product development. The deal also provided an opportunity for Nexttobe AB to sell a portion of its stake in the company.
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After Volkswagen printed the biggest trade in its history the previous week, the company’s International Finance arm sold a six tranche dual-currency deal on Monday. In total, the company raised more than €14bn equivalent in a week.
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Export Development Canada (EDC) added to a record breaking year for non-UK SSA sterling issuance as it printed a £500m floating rate note (FRN) this week. Despite the very strong year for the currency, some trades have struggled in recent weeks — but FRNs such as EDC’s appear to be the exception. Some in the market put that down to concerns over Brexit negotiations.
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After a year during which euro issuance from SSAs has far outstripped that in dollars, thanks to the vagaries of the euro/dollar basis swap, a German agency was able to nip in to a funding week shortened by US elections and central bank meetings to score a strong result with its sole dollar benchmark of the year.
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Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections.
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BMW Finance found no reduction in the demand for its paper, despite its new issue on Thursday being its fourth dual-tranche deal of the year. The company has sold at least €1.75bn during each previous quarter of 2018, and it hit that mark again with its shortest combination of tenors.
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Rentenbank and Eurofima showed that Tuesday’s midterm elections in the US might be hogging most television airwaves but they have been making little waves in the dollar SSA market.
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Export Development Bank brought another big deal to a super strong year for the sterling SSA market, as it took £500m with a floating rate note. More issuers might follow its lead over the coming weeks, said bankers.
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A pair of public sector borrowers are looking to eke out the last bit of cash from the dollar market before it shuts down for the US mid-term elections on Tuesday night.
