ABN Amro
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Helaba came close to fair value with the pricing for its green and non-preferred senior debut on Wednesday, maintaining a solid order book despite competing supply in euros. -
Europe’s high grade corporate bond market had a distinctly Spanish flavour on Tuesday as Cellnex and Merlin Properties issued. Some analysts predict that the healthy earnings season might mean a 15% rise in bond issuance from the European market.
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hGears, the German maker of precision gears for e-mobility, kept its head above water in trading on Friday after the company’s €173m IPO on the Frankfurt Stock Exchange, against extremely difficult market conditions.
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The €173m IPO of hGears, the German maker of high-precision gears for e-mobility, is more than three times covered, ahead of final pricing later today.
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A trio of senior borrowers paid minimal new issue premiums in euros this week as Swedbank and AIB Group tapped a sweet spot of demand for bail-inable debt, while Macquarie got attractive pricing compared to its dollar curve.
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Macquarie shed over a third of its order book on Wednesday as it priced its third euro deal in 18 months at what was deemed a “very tight” level. It was joined in the senior market by Swedbank, which was issuing its first callable non-preferred bond.
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The current of interest in sustainability-linked finance entered a new district of the capital markets this week — private equity funds-of-funds. AlpInvest Partners, one of the biggest managers in the market, has signed a $650m facility tied to its environmental, social and governance investment practices. But the deal raises the question of the role of transparency in such financings.
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The financial institutions bond market in euros was on hold on Tuesday, as European issuers saw no reason to rush into doing deals while global equities were selling off and interest rates were being buffeted by expectations of inflation.
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The IPO of hGears, the German maker of high-precision gears for e-mobility, was covered on Monday, less than a day into book building, according to a source close to the deal.
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Allied Irish Banks (AIB) sold its sophomore green bond on Monday, printing €750m of senior paper at a spread flat to fair value and close its Irish peers.
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The demand for sustainability-linked bonds was made clear on Thursday, as French minerals company Imerys’s deal commanded more than double the demand of Swedish property firm Sagax’s conventional trade, despite sharing big similarities.
