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Senior Debt

Créd Ag gets €1bn green bond away in thin market

Crédit Agricole came to what one banker called an "apathetic" market on Wednesday with a senior preferred issue from its new green bond framework, but did not have to offer a large premium to sell €1bn of notes.

Jasper Cox, November 28, 2018
FIG

UniCredit hits TLAC target with surprise $3bn placement

UniCredit found a single investor willing to buy $3bn of its non-preferred senior notes at a coupon rate of 7.83% this week, as the bank pulled out all the stops in an effort to comply with its interim target for total loss-absorbing capacity (TLAC).

Tyler Davies, November 28, 2018
Syndicated Loans

Rheinmetall targets KNDS as defence sector under fire

Germany’s Rheinmetall is in talks to buy a stake in Dutch defence company KNDS, as the European defence sector tries to shelter from the fallout of Brexit.

Mike Turner, November 28, 2018
SRI

HSBC picks new green bonds head for EMEA

HSBC has appointed a new head of sustainable bonds for EMEA, in its debt capital markets team, after Victoria Clarke left to join Barclays in August.

Jon Hay, November 28, 2018
Corporate Bonds

Deutsche Post makes second postal delivery in a week

The last posting date for Christmas tends to coincide with the closing of the euro corporate bond market. Ahead of that coincidence this year, two postal companies have sold new bonds, after Deutsche Post followed La Poste of France’s lead.

Nigel Owen, November 28, 2018
Equity IPOs

Investor bearishness determining January IPO calendar

European equity investors remain understandably nervous of adding risk to their portfolios, and ECM bankers are tailoring their approach to 2019 IPOs to deal with increased bearishness.

Sam Kerr, November 28, 2018
CEE

International accounts take ‘well over half’ of Russia bond

Fears that the Russian Federation's €1bn bond issue would only find demand domestically seem to have been assuaged as a source close to the deal said well over half the deal was sold to international investors. That source also denied the deal was in any way designed to bait the West, and said its timing was simply a matter of wanting to get ahead of worsening market conditions.

Francesca Young, November 28, 2018
Corporate Bonds

Corporate investors hope for sweet ending to 2018

The market volatility in the week of the US Thanksgiving holiday was a microcosm of where the corporate bond market has evolved to through 2018. Market volatility and lack of buying interest pushed spreads wider again, but that widening meant investors could not resist new issues for long.

Nigel Owen, November 28, 2018
FIG

Liquidity dries up as investors become more selective

FIG investors are becoming more selective as liquidity conditions have begun to deteriorate. Larger new issue premiums have helped buoy primary demand but with fund inflows also starting to dry up, higher new issue concessions may not necessary be sufficient to ensure a successful deal outcome.

Bill Thornhill, November 28, 2018
Emerging Markets

Russia ignores volatility to get ahead of worsening market

A Russia euro-denominated bond has taken investors by surprise this week, as emerging markets issuers seem to be taking their last gasps in the bond market this year.

Francesca Young, November 28, 2018
Supras and agencies

Sterling SSA market shuts down amid Brexit volatility

The public sector market for sterling benchmark issues has shut down earlier than usual as a result of a plunge in Gilt yields — caused by concerns surrounding the UK’s exit from the European Union — which has made new issues unattractive for investors.

Burhan Khadbai, November 28, 2018
LevFin High Yield Bonds

It’s defaults, not the covs

Leveraged debt fund managers seem resigned to a low-rated deal pipeline and aggressive documentation this week, with the market likely to accept these conditions, despite a sell-off which saw the iTraxx Crossover at its widest so far this year, 340bp, on Wednesday.

Victor Jimenez, November 28, 2018

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