TD Securities
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With plenty of cash to deploy following a large number of redemptions, sterling investors piled into what looks likely to be KfW’s last sterling offering of the year on Tuesday. -
Europe's high yield market has made a remarkable comeback in the past fortnight, crowned this week when Ball Corp, the US can maker, priced a €2bn-equivalent bond, highlighting the bullishness of euro markets inflated by QE, writes Victor Jimenez.
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Ball Corp, the US metal packaging manufacturer, wants to issue its first euro bond as part of a €1.5bn-equivalent deal to support the purchase of UK can maker Rexam.
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BNP Paribas has tapped the Australian dollar market with a 10 year note on Wednesday, drawing demand from Asian investors.
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It was a week of firsts for the socially responsible investment sector, with several issuers bringing innovations or printing record sized deals.
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Bank Nederlandse Gemeenten sold its largest ever sustainability bond and the European Investment Bank added a new currency to its climate bonds on Tuesday, as a draft standard was launched for the market.
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Socially responsible investors received a fresh menu of bonds on Monday, with a borrower announcing an inaugural climate bond, a regular SRI issuer entering a new currency and an agency returning to its sustainability format.
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Royal Bank of Canada issued the first dollar denominated Canadian deal in three months at the widest spread this year, while Münchener Hypothekenbank supplied the only euro deal of the week.
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A supranational issuer fell just short of full subscription with a four year dollar deal on Wednesday, as SSAs looked for favourable pricing opportunities with unconventional maturities and short dated floaters.
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Size is still coming at a price for SSA borrowers, with European Investment Bank paying a slightly elevated new issue premium for a $4bn five year on Tuesday. Despite this, bankers said a second trade from Erste Abwicklungsanstalt confirmed the market is in robust health.
