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Thursday, 21 February 2019

Helene Durand' s stories

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  • Passers-by walk in front of a branch of French bank Credit Agricole in Marseille

    Credit Agricole offers AT1 amid peers' headline risk

    Ticker | 20 February 2019

    Credit Agricole failed to push pricing as tight as expected Wednesday after negative headlines around peers softened appetite for its Additional Tier 1 bond - a product that has seen renewed demand of late.

  • Rentenbank to make return to euro benchmark market

    Rentenbank to make return to euro benchmark market

    Ticker | 20 February 2019

    Rentenbank has mandated banks for what will be its first euro benchmark trade since June, hoping to become the latest issuer to take advantage of strong appetite for public sector debt.

  • Belgium

    SSA borrowers call the shots in hot dollar market

    Ticker | 20 February 2019

    Public sector issuers were greeted by bulging order books for their US dollar trades on Wednesday despite the low concessions on offer, as the strong tone that has dominated since the start of 2019 showed no sign of changing.

  • Passers-by walk in front of a branch of French bank Credit Agricole in Marseille

    Credit Agricole back in AT1 as market goes from strength to strength

    Ticker | 20 February 2019

    Credit Agricole is the third European lender to bring an Additional Tier 1 bond in less than a week as investor demand for the product and subordinated debt more broadly shows no sign of letting up.

  • French flag

    Smoothly does it for France's return to 30-year

    Ticker | 19 February 2019

    The Republic of France‘s first syndicated foray in the 30-year tenor since 2017 went without a glitch on Tuesday, buoyed by investors’ seemingly bottomless demand for long-dated assets.

  • Cyprus

    Cyprus notches up new record with longest bond yet

    Ticker | 19 February 2019

    The Republic of Cyprus carved out over €8bn of demand for its longest bond yet, a further sign of how far the country has come since it returned to the capital markets in 2014.

  • flags us europe.jpg

    CEDB and BNG secure spots in bustling dollar pipeline

    Ticker | 19 February 2019

    The Council of Europe Development Bank and BNG Bank secured their spots in what is expected to be a busy US dollar market in the coming weeks, both mandating banks for five-year benchmarks.

  • ING EM

    ING keeps AT1 ball rolling

    Ticker | 18 February 2019

    ING Group will keep the Additional Tier 1 market in business, banishing any remaining ghosts for the Santander non-call decision, having mandated banks what will be its first transaction in the format since 2016.

  • Daiwa

    MOVES-Daiwa bolsters SSA trading with hire

    Ticker | 12 February 2019

    Daiwa Capital Markets Europe has hired Will Thomas to bolster its sovereign, supranational and agency trading.

  • Flag of Norway

    Clear window for Sparebanken Vest covered

    Ticker | 07 February 2019

    Sparebanken Vest Boligkreditt took advantage of an otherwise deserted covered market to bring its biggest ever such bond, another textbook execution for a sector where demand is showing no signs of slowing despite minimal concessions.

  • Market takes Santander no-call signal in its stride

    Bonds | 01 February 2019

    Banco Santander’s €1.5bn 6.25% Additional Tier 1 transaction barely moved last Wednesday after the bank’s chief executive appeared to confirm that it would not redeem the bond on its first call date in March.

  • SSA's phenomenal January streak ends on high

    Bonds | 01 February 2019

    The frenetic demand for SSA paper showed no signs of abating last week as the Republic of Austria and KfW gathered record order books for their transactions, ending a remarkable month for issuance in euros.

  • Santander

    Market takes Santander no-call signal in its stride

    Ticker | 30 January 2019

    Banco Santander’s €1.5bn 6.25% AT1 barely moved on Wednesday after the bank’s chief executive appeared to confirm that it would not redeem the bond on its first call date in March. With yields on subordinated bank paper rising sharply over the course of 2018, it has made increasingly less sense - on an economic basis - for issuers to exercise calls given the higher cost of refinancing with new AT1 bonds.

  • The flags of Austria and the European Union are pictured in front of the Austrian ministry of finance

    Bumper book for Austria on blockbuster day for EU sovereigns

    Ticker | 29 January 2019

    The frenetic demand for eurozone sovereign syndications showed no signs of abating on Tuesday as the Republic of Austria gathered orders of over €28bn for a 10-year benchmark despite competing supply from two other sovereign trades.

  • KBN reaps Green rewards

    KBN cuts lonely figure in dollar market

    Ticker | 29 January 2019

    Kommunalbanken took advantage of an otherwise sparse SSA dollar market to bring a US$1.25bn five-year on Tuesday, on US$2.6bn of demand in another textbook deal in the currency.

  • No let-up in Sonia-linked whirlwind

    Bonds | 25 January 2019

    The Sonia-linked market welcomed another newcomer last week as its breakneck speed of growth shows no signs of letting up, putting other risk-free benchmark markets in the shade.

  • World Bank plumps for sterling

    World Bank plumps for sterling, ADB wraps up second Sonia

    Ticker | 23 January 2019

    The International Bank for Reconstruction and Development has opted for the sterling market to bring its third benchmark offering of 2019, joining the swelling ranks of international issuers tapping the currency.

  • The plate with the address of the federal state parliament of Saxony-Anhalt

    Saxony-Anhalt's blowout return shows there's room for everyone

    Ticker | 22 January 2019

    Strong competition from the Kingdom of Spain did not deter investors from embracing the State of Saxony-Anhalt’s first transaction since 2017, enabling the region to land a €1bn trade, its biggest in nearly five years.

  • Toronto

    Canadians go on international funding spree

    Ticker | 18 January 2019

    Ontario and Manitoba added to the flow of Canadian public sector issuers turning to the international bond markets for funding this year, bringing US dollar and sterling trades.

  • Canadians go on international funding spree

    Bonds | 18 January 2019

    The provinces of Ontario and Manitoba added to the flow of Canadian public sector issuers turning to the international bond markets for funding this year, bringing US dollar and sterling trades.

  • Canada

    Rare Canada sparkles in US dollars

    Ticker | 17 January 2019

    Demand poured in for Canada’s first US dollar deal since November 2017, a transaction that not only gave investors a rare chance to buy into the credit but also an opportunity to diversify their sovereign exposure.

  • Pile of one hundred dollar notes

    US dollar market shines with Italy centre stage in euros

    Ticker | 15 January 2019

    Minimal or non-existent concessions are still the order of the day in the SSA US dollar market, which remains undersupplied despite four deals pricing on Tuesday and expectations of more supply to come.

  • MOVES-MUFG takes Mann for Paris FIG DCM role

    Ticker | 15 January 2019

    Mitsubishi UFJ Financial Group has hired Jason Mann to head its European financial institutions debt capital markets business, according to the bank.

  • Italy

    Italy tipped for return after spectacular week for sovereigns

    Top News | 11 January 2019

    The Republic of Italy could emerge this week with its first institutionally targeted bond syndication in a year, encouraged by deals last week from Belgium, Ireland and Portugal amassing more than €70bn of combined demand.

  • Danske Bank

    Danske's bond hinges on Browder conference

    Ticker | 10 January 2019

    Danske Bank could revive a US$3bn dual-tranche bond it postponed on Wednesday depending on the outcome of a press conference to be held later on Thursday by Bill Browder, according to the bank’s head of treasury.

  • IDB

    SSA issuers call the shots in neglected US dollar market

    Ticker | 09 January 2019

    Public sector issuers opting to tap the US dollar market have been able to leverage the relative lack of supply in the currency to pay minimal concessions, in sharp contrast with the euro and sterling markets, where a deluge in recent days has meant generous premiums are the order of the day.

  • An employee shows U.S. dollars banknotes at a money changer in Jakarta, Indonesia.

    SSA issuers pass first US dollar test, grapple with dislocation

    Ticker | 08 January 2019

    The European Investment Bank and BNG offered the first glimpse of the levels issuers have to pay in the US dollar market as well as the depth of demand against a dislocated backdrop.

  • MOVES-CPPIB strengthens funding team with hire

    Ticker | 08 January 2019

    Canada’s CPP Investment Board (CPPIB) has hired Rimal Gaind to join its funding team, according to two market sources.

  • UK sets out plans for living wills

    People & Markets | 04 January 2019

    The Bank of England and the Prudential Regulation Authority have set out the final major plank of the UK’s bank resolution regime, launching a consultation that will require larger lenders to publicly disclose their so-called “living wills”.

  • Obituary: John Lee-Tin

    People & Markets | 04 January 2019

    The debt capital markets community is mourning the loss of John Lee-Tin, who died of cancer at the end of 2018.

  • EBRD makes entry in euro market, considers Sonia trade

    Bonds | 04 January 2019

    The European Bank for Reconstruction and Development priced its first ever euro-denominated public benchmark last Thursday, enticed by attractive funding costs and the opportunity to diversify its investor base.

  • Sterling fever hits SSA market

    Bonds | 04 January 2019

    Public sector issuers took the sterling market by storm last week, printing £3.2bn, as issuers turned to the currency to take advantage of auspicious pricing conditions and good liquidity before issuance in other currencies restarts in earnest.

  • Obituary: John Lee-Tin

    Ticker | 03 January 2019

    The debt capital markets community is mourning the loss of John Lee-Tin, who died of cancer at the end of 2018.

  • An employee is seen walking over a mosaic of pound sterling symbols set in the floor of the front hall of the Bank of England in London

    SSA opens with sterling but no stampede yet

    Ticker | 02 January 2019

    European Investment Bank and KfW have picked sterling for what will be the first syndicated public sector issues of 2019, with the seasonal stampede in euros and US dollars not expected until next week.

  • Bond House, SSAR Bond House, Covered Bond House and Asia Bond House of the Year: HSBC

    All Special Reports | 14 December 2018

    While other banks have struggled to hold on to their market share as issuance has fallen, HSBC stood out for its ability to generate momentum across the international bond markets. It is IFR’s Bond House, SSAR Bond House, Covered Bond House and Asia Bond House of the Year.

  • SSAR Issuer: Kingdom of Spain

    SSAR Issuer: Kingdom of Spain

    All Special Reports | 14 December 2018

    Labels are notably tricky to shake off, but in a year when echoes of the eurozone’s peripheral crisis resonated loudly, the Kingdom of Spain successfully managed to reposition itself. For executing one of the biggest European sovereign funding programmes with flair, Spain is IFR’s SSAR Issuer of the Year.

  • Logo of the European Investment Bank

    EIB shrinks funding target for 2019

    Ticker | 13 December 2018

    The European Investment Bank will raise €50bn in 2019, nearly 17% lower than the amount it printed this year, the supranational said in a statement on Thursday.

  • Virgin Money logo

    Brexit risk sees CYBG Tier 2 fly under the radar

    Ticker | 07 December 2018

    CYBG plc opted for the safety of a club deal to sell subordinated debt this week as it sought to sidestep Brexit-related execution risk for its first bond since the completion of its acquisition of Virgin Money.

  • No-call fear rocks Santander AT1

    Bonds | 07 December 2018

    The yield on a €1.5bn Banco Santander Additional Tier 1 has sky-rocketed as the market increasingly prices in the chance of the bank not calling the bond at the first opportunity next year.

  • ING pulls Tier 2 as shivers run down credit markets' spine

    Bonds | 07 December 2018

    ING Group threw in the towel on a Tier 2 US dollar trade last Monday, the most worrying sign yet that access to bank capital funding has become exceptionally expensive as credit investors shut their books after suffering dismal returns this year.

  • Santander

    No-call fears send Santander AT1 yield to all-time high

    Ticker | 06 December 2018

    The yield on a €1.5bn Banco Santander Additional Tier 1 has sky-rocketed as the market increasingly prices in the chance of the bank not calling the bond at the first opportunity next year.

  • The logo of ING bank is seen by the entrance of the group's main office in Brussels

    ING pulls Tier 2 as shivers run down credit markets' spine

    Ticker | 04 December 2018

    ING Group threw in the towel on a Tier 2 US dollar trade on Monday, the most worrying sign yet that access to bank capital funding has become exceptionally expensive as credit investors shut their books after suffering dismal returns this year.

  • MOVES-Rabobank appoints syndicate head, adds for SSA

    Ticker | 04 December 2018

    Rabobank has hired Harman Dhami to head its debt capital markets syndicate, according to an internal memo seen by IFR.

  • The Italian flag waves in front of the "Altare della Patria" in downtown Rome

    Tough backdrop triggers IFIS bond tender

    Ticker | 03 December 2018

    Banca IFIS is offering to buy back up to €100m of a €300m bond it priced just over seven months ago even though the market backdrop for European lenders, and Italian banks in particular, shows little signs of improving.

  • UniCredit

    Pimco comes to UniCredit's rescue, but charges a hefty price

    Top News | 30 November 2018

    UniCredit will escape the embarrassment of potentially being in breach of new capital rules after Pimco agreed to buy a US$3bn five-year bond issued by the Italian bank - albeit only after demanding a princely ransom, with the fund manager set to rake in more

  • UBS faces DCM whistleblowing case

    People & Markets | 30 November 2018

    UBS was in the spotlight last week after a London court decided to proceed with a whistleblower case against the bank and its debt capital markets boss, Amir Hoveyda.

  • Sabadell pulls off sub debt gamble

    Bonds | 30 November 2018

    Banco de Sabadell brought the first broadly placed Tier 2 from the eurozone periphery since June, a €500m trade that attracted over €900m of demand despite the torrid backdrop for subordinated bank debt.

  • Building societies get green light on bail-in debt

    People & Markets | 30 November 2018

    UK building societies will be able to issue senior bail-in-able securities from December, finally putting them on an equal footing with their bank peers as they look to build up their stacks of loss-absorbing debt.

  • The UBS logo is seen at the SIBOS banking and financial conference in Toronto, Ontario, Canada.

    UBS faces whistleblowing case in DCM

    Ticker | 30 November 2018

    UBS was in the spotlight this week, after a London court decided to proceed with a whistleblower case against the bank and its debt capital markets boss, Amir Hoveyda.

  • A Banco de Sabadell branch

    Sabadell pulls off sub debt gamble

    Ticker | 29 November 2018

    Banco de Sabadell has brought the first broadly placed Tier 2 from the eurozone periphery since June, a €500m trade that attracted over €900m of demand despite the torrid backdrop for subordinated bank debt.

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