Santander
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Banco do Brasil brought its debut euro transaction up to €1bn with a well-timed €300m tap this week as the issuer took advantage of a rally in Brazilian paper as accounts dumped Russian risk. And a chunky new issue concession ensured a strong secondary performance, even as comments about quantitative easing and interest rates from the US Federal Reserve put pressure on markets.
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Abengoa, the Spanish engineering and renewable power group, wants to issue €400m of seven year senior notes on Friday to prefund a 2015 bond maturity. -
Brazilian state-owned lender Banco do Brasil tapped its euro denominated bonds due 2018 for a further €300m on Wednesday after raising around €750m of demand before bond markets dropped on the back of the US Federal Reserve’s latest statement.
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Investors jumped on the opportunity to pick up exposure to rare insurance company subordinated debt, as Coface’s €380m 10 year bullet bond was prepped to price inside of comparables on Wednesday.
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Investors in long dated senior unsecured debt appeared to have abandoned their yield targets this week, sending coupons below 3% on a Banque Fédérative du Crédit Mutuel fixed rate transaction, amid one of the busiest weeks of activity in the senior unsecured financials market this year.
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Santander and BNP Paribas printed their first dollar trades of 2014 as demand for investment grade paper continued its strong run.
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CNH Industrial has sold its first bond since the merger of Fiat Industrial and CNH Global, raising €1bn and attracting a €3.5bn book from over 280 accounts before reconciliation.
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The high yield bond flurry by Spanish issuers carried on this week, with strong issues from two debut borrowers. Solid demand allowed Grupo Isolux Corsan to increase its bond by €200m, while Grupo Antolin-Irausa accelerated its deal by a day.
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Grupo Antolin-Irausa, the Spanish car parts maker, has picked a quieter week for its debut high yield issue after last week’s deal flurry. The family-owned company wants to sell €400m of senior secured bonds alongside a new credit facility.
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Any doubt over the enthusiasm for senior euro denominated bank debt on Monday, when a short selloff was followed by three successful pricings, was entirely dispelled by Tuesday morning, with three more senior deals hitting the market and meeting big demand off the bat.
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British American Tobacco raised €1bn in the bond market on Monday, completing a hat-trick of deals by the three leading European cigarette makers. The transaction’s heavy oversubscription suggested there had been no impact either from the clustering of tobacco issuance, or from Russia’s alarming intervention in Ukraine.
