UniCredit
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The European Stability Mechanism has opted to sell what will be its shortest dated bond to date on Tuesday, after mandating banks for a two year bond on Monday afternoon. Meanwhile, the State of North Rhine-Westphalia grabbed some funding at the long end of the curve. -
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The European Stability Mechanism is the only sovereign, supranational or agency lined up to syndicate in euros next week — and it will do so in very different conditions to the last time it printed. Volatility that some bankers said they had not seen since 2009 or 2010 hit markets in the second half of this week — meaning KfW could not have timed things better by coming with a deal on Tuesday.
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German bearings firm Schaeffler has priced its €1.77bn-equivalent term loan ‘B’ at the wide end of its guidance range in response to weak demand from the US market.
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Primary issuance in covered bonds slowed this week with just one deal emerging on Wednesday from Canadian issuer La Caisse Centrale Desjardins du Quebec (CCDQ).
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German ball bearing producer Schaeffler has priced its €1.77bn-equivalent term loan ‘B’ at the wide end of its guidance range, in response to weak demand from the US market.
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Turkish Yapi ve Kredi Bankasi astonished the market on Wednesday by seeming to accomplish what looked like an impossible feat — pricing a $500m five year bond in a day where its curve was sent 25bp wider in spread terms by US Treasury volatility.
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On an extraordinary day in the capital markets, a very ordinary corporate bond was issued on Wednesday — a €500m 8.5 year issue for Snam, the Italian gas transport group, that was nicely oversubscribed and closed trading at reoffer.
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German ball bearing producer Schaeffler will close books on its €1.8bn-equivalent term loan ‘B’ today. Early signs are that investors have received the familiar credit enthusiastically.
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Turkish Yapi ve Kredi Bankasi has released initial price guidance of 375bp over mid-swaps for a dollar five year benchmark bond, offering around a 20bp-30bp premium over its own interpolated curve, according to a banker away from the deal.
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European aerospace firm Airbus has completed a €3bn loan syndication to amend and extend its €3bn five year revolving credit facility, attracting the support of 40 banks.
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Although this week’s primary covered bond supply was limited to three deals and the near term outlook is limited by AQR results and Q3 reporting blackouts, demand reached a substantial €5.4bn of orders. Notable activity included the first public sector issue under Belgium’s covered bond law and the tightest ever Canadian euro print.
