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Covered Bonds

BMO reopens dollar covered bonds

Bank of Montreal (BMO) has issued the first Canadian covered bond in dollars this year, raising $1.75bn of funding at a cost that was equivalent to what it would have theoretically paid in the euro market. National Bank of Canada was quick to follow, announcing a similar deal at the same starting spread.

Bill Thornhill, June 13, 2019
Supras and agencies

EIB swoops for €3bn 10 year money

The European Investment Bank printed a €3bn 10 year trade on Thursday, dragging the pricing in by 2bp during execution.

Mike Turner, June 13, 2019
SSA

Italy surprise bond outing debt-neutral

Italy’s surprise €6bn swoop on the bond market this week will not add to its much scrutinised debt pile, according to the sovereign’s public debt director general.

Mike Turner, June 13, 2019
Asia

Citi eyes home improvements to overhaul investment banking elite

After establishing itself as a top three player in European investment banking, Citi is now making an ambitious push for the summit in its home market, writes David Rothnie.

David Rothnie, June 13, 2019
Derivatives

Eurex adds Barclays to US clearing stream, building swap offering

Barclays has become the first European bank to offer Eurex over-the-counter (OTC) clearing services to US clients. It is being offered through Barclays US registered futures commission merchant.

GlobalCapital, June 13, 2019
Covered Bonds

VUB hits sweet spot with 0.5% 10 year covered bond coupon

Všeobecná úverová banka (VUB) has issued the first ever 10 year covered bond from Slovakia, thanks in large part to the high spread that ensured a 0.5% coupon — a return that investors demand — but one that is now out of reach for most European names in this tenor.

Bill Thornhill, June 13, 2019
Asia

UK-China Stock Connect alive at last

Chinese brokerage Huatai Securities this week will become the first company to list shares in London via the London-Shanghai Stock Connect programme. The deal, which is oversubscribed, is a landmark transaction and an important step for the internationalisation of China's capital markets.

Aidan Gregory, June 13, 2019
LevFin High Yield Bonds

European Energy boosts size of green debut

Danish wind farm operator European Energy has increased the size of its debut euro-denominated green bond, from the originally targeted €120m to €140m, on demand of more than €230m. The deal is one of only a handful of high yield issues to claim formal sustainability status, as ethical investment strategies gather pace in more corners of the capital markets.

Owen Sanderson, June 13, 2019
Covered Bonds

Coventry covered enjoys strong outcome but UK execution certainty set to wane

Coventry Building Society did well to raise €500m of seven year funding with demand of €1bn on Thursday, but bankers warned that investors are close to reaching their limits on UK exposure, and the next issuer cannot expect the same result.

Bill Thornhill, June 13, 2019
Equity

Marks & Spencer completes Ocado capital raise

Marks & Spencer has completed its £601m equity capital raising to fund a transformational join-venture with Ocado, following a rights issue and rump share placement

Sam Kerr, June 13, 2019
Covered Bonds

Rabo secures solid result in hectic covered mart

Rabobank attracted good demand for a dual €2bn eight year and 20 year covered bond offering on Thursday, even though the deal was issued at the tail-end of a busy week and competed for investors’ attention in euros with Coventry Building Society and Všeobecná úverová banka (VUB).

Bill Thornhill, June 13, 2019
CLOs

CLO market calls for fairer media coverage

The CLO market has recently stalled due to a slowdown of investment from Japanese firms. Market participants say that this has been largely driven by negative media attention surrounding CLOs, and feel frustration that the asset class is still strongly associated with CDOs and the US subprime crisis.

Tom Brown, June 13, 2019

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