UniCredit
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Danish savings bank Nykredit will sell tier two debt on Friday afternoon, receiving strong demand for a Coco print.
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Carlsberg Breweries returned to the euro bond market after an 18 month gap on Tuesday with a successful €1bn 10 year bond, though it had to contend with a market that has lost a little of its rude bullishness in the past week.
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Hochtief, the unrated German construction company that is 59% owned by Actividades de Construcción y Servicios of Spain, returned to the bond market on Thursday with a €500m deal that was boosted by heavy buying from private banks.
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Storming conditions in dollars this week led to a series of blow-out deals — but a large amount of supply in the last two weeks, plus uncertainty over the outcome of upcoming European elections and what the European Central Bank will do at its next meeting could mean that issuance conditions won’t be red hot for much longer. Those problems could also affect euros — where issuers considering deals at the 10 year part of the curve have the added difficulty of offering a sufficiently enticing yield.
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A dearth of senior issuance this week left the spotlight on the subordinated debt market, and with the market quiet, LBBW and SEB were able to focus on price and sell aggressively priced tier two trades.
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Eurozone periphery issuers showed themselves to be resilient when tackling choppy markets, as borrowers printed a series of strong deals despite yields pogoing over the course of the week. -
Profit taking has taken a toll on the periphery this week, but even as Italy’s government bonds continued to take a beating on Wednesday and the market for subordinated FIG debt softened, Italian insurer Poste Vita took to the market with a tier two capital transaction at a level that showed investors are still receptive to new deals.
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Several companies delayed plans to issue corporate bonds in Europe today, as markets looked ugly at the open. There has been a flurry of MTN and niche currency issuance this week, but the only mainstream corporate bond issue today was from Prologis, the US warehouse Reit.
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Profit taking has taken a toll on the periphery this week, but even as Italy’s government bonds continued to take a beating on Wednesday and the market for subordinated FIG debt softened, Italian insurer Poste Vita took to the market with a tier two capital transaction at a level that showed investors are still receptive to new deals.
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Carlsberg Breweries returned to the euro bond market after an 18 month gap today with a successful €1bn 10 year bond, though it had to contend with a market that has lost a little of its rude bullishness in the past week.
