UBS
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Turkish companies and banks are succeeding in raising funds in international debt markets, even as the country strays near the edge of an economic precipice and experienced investors view Turkish risk with disdain. -
A trio of senior borrowers paid minimal new issue premiums in euros this week as Swedbank and AIB Group tapped a sweet spot of demand for bail-inable debt, while Macquarie got attractive pricing compared to its dollar curve.
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Triple-B credit OC Oerlikon achieved a remarkable result on Monday, said bankers, as it issued a Sfr575m three tranche deal, which it will use to fund its acquisition of INglass. It was joined on screens by Pfandbriefbank's smallest deal since 2019.
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Pfandbriefbank Schweizerischer Hypothekarinstitute priced its smallest deal in 18 months this week, attracting several international accounts to a tightly priced Sfr350m ($385.8m) note.
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Federal Reserve economists have warned of ‘financial stability’ concerns around the US treatment of foreign banks, after publishing research suggesting that some institutions were hiding assets in branches to escape closer regulatory oversight.
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Sucafina, a Swiss coffee company, has signed a $500m sustainability-linked borrowing base facility, as a small wave of deals from the German speaking region come to fruition.
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Macquarie shed over a third of its order book on Wednesday as it priced its third euro deal in 18 months at what was deemed a “very tight” level. It was joined in the senior market by Swedbank, which was issuing its first callable non-preferred bond.
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Danske Bank set a careful foot into the Reg S dollar additional tier one market this week, in the wake of a difficult trading session for global equities.
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Monde Nissin has covered the Philippines’ largest ever IPO on the first day of bookbuilding, after securing pre-launch demand from a high profile line-up of cornerstone investors.
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The financial institutions bond market in euros was on hold on Tuesday, as European issuers saw no reason to rush into doing deals while global equities were selling off and interest rates were being buffeted by expectations of inflation.
