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Issuers ‘holding off in the dollar market’ but euro market working as long as the price is right
◆ German state raises €750m with ease ◆ 'Listening to the market' is important ◆ International investors took large chunk
German agency has only €2bn to €2.5bn left to fund via smaller deals after €3bn green tap this week
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The European Financial Stability Facility finished off its 2018 issuance this week with what was likely the last jumbo euro benchmark of the year. The deal was solid, but SSA bankers warned the euro market feels “tired”. -
Two emerging market (EM) sovereigns hit the euro market this week: one debuting and the other returning after a year-long absence. Both deals met with warm receptions, giving some credibility to the notion that euro investors will be happy to stay in EM deals even as quantitative easing (QE) winds up and rates climb.
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BNP Paribas, Crédit Agricole and Société Générale are making plans for the eventuality of a hard Brexit, in some cases putting swathes of bankers at risk of redundancy. Some DCM and sales teams have been asked to move, though each bank is taking a different approach as to who will need to be relocated to comply with EU regulations.
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The State of North Rhine-Westphalia rounded out the week’s euro issuance with an oversubscribed 10 year euro deal that was priced 1bp inside guidance.
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Export Development Canada plans to sell its first Sonia-linked bond in 2019, as it adapts to a future without Libor.
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Crédit Agricole has asked around 20 people from debt capital markets and sales to move from its London office to Paris in preparation for the possibility of a hard Brexit, according to sources familiar with the matter.
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