UniCredit
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Turkish Halkbank printed its $500m five year bond flat to its curve on Wednesday having built a book of over $4.25bn for the deal. The bond benefitted from the low supply of Turkish bank bond paper this year and from further sovereign supply expected to be slim for the rest of the year. -
Austria took advantage of a clear week of issuance to bring an unusual dual tranche issue that included a six year floating rate note. Strong demand for the 10-year should encourage issuers looking at printing euro benchmarks in the coming weeks.
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Turkish Halkbank has released price guidance for a five year senior unsecured bond that equates to a new issue premium of 5bp-10bp, according to a lead manager on the deal.
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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.
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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.
