UniCredit
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Greece is looking to become the latest eurozone sovereign to sell a seven year syndicated bond, after mandating banks on Tuesday for the transaction. -
German agency L-Bank steamed into the dim sum bond market on Tuesday to print what could be the start of a new flurry of offshore renminbi issuance.
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After a run of sovereign issuance, emerging market investors got their first taste of corporate paper since the Covid-19 coronavirus crisis struck bond markets.
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Chunky books and shrinking new issue premiums were everywhere in Europe's high grade corporate bond market on Tuesday, as some investors said the market felt like it had found solid ground again after huge moves in recent weeks.
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UniCredit has said that it will redeem €2.5bn of tier two capital next month, with regulators allowing banks to manage their debt capital stacks freely during the coronavirus crisis.
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The corporate bond market made a blazing start to Monday with deals for Repsol, Naturgy and LafargeHolcim on screens, as issuers cram what they can into a shortened week.
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High grade companies poured into the bond market this week as participants weigh up whether this is a redux of 2009’s record year or if the unprecedented central bank spending and high bank liquidity mean that this is a unique market where borrowers raise cash even if they do not really need it.
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Additional tier one investors breathed a sigh of relief after regulators outlawed dividend payments this week. They argued the move made it more likely they would carry on getting the coupons on their instruments.
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Oil firms burst into the corporate bond market on Thursday with BP, Royal Dutch Shell and OMV opening books on multi-tranche trades, as comments from US president Donald Trump sent oil prices rocketing.
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KfW made an impressive statement by taking out size with a small new issue premium for a three year euro deal on Wednesday. Bankers say the deal is a sign of concessions reaching a floor following the huge premiums offered since the return of SSAs to the primary market.
