25bn on Monday from its first senior non-preferred deal in the US dollar market since October, just a week after the German bank paid up to sell a similar trade in euros and sterling. 250m placing and open offer, clawing back all the shares provisionally placed with investors through the placing. 1bn deals, respectively, with bankers confident that the run can continue. Esure Group bonds fell more than 20 points on Monday to a cash price of 81.
50 following a warning late on Friday that its Solvency Capital Coverage ratio had fallen by nearly a third. Marlboro cigarette maker Altria Group made a splash in euros with a debut bond in the currency on Monday, the first leg of a trade to fund the acquisition of two different businesses as it seeks to diversify its products. 500m Tier 2 bond on Monday, despite the 20bp revision in spread leaving very little in concession for investors. Finnish utility Fortum is gearing up to market what could be its first euro bond in seven years.
UBS has changed the pay structure for about 10,000 staff, scrapping variable bonuses and instead giving them a fixed annual award, which the bank said is more transparent and reduces pay uncertainty. A mix of issuers are crowding into the IG market Monday, with at least eight deals expected to price. Nikko Asset Management has appointed Richard Kehoe as senior high-yield analyst for its London-based global fixed income team. While bond buyers have to weigh up plenty of variables when making their investment decisions, little seems to get them more exercised than the thorny question of call options.
Confusion reigned in the Additional Tier 1 market last week after Banco Santander struggled to sell a new AT1 issue while at the same time leaving market participants guessing as to whether it would become the first lender to decline to call such bonds. 57bn-equivalent four-tranche transaction last Tuesday, its first public bond sale in what is likely to be a pivotal year for the beleaguered bank. When two Warrington housing associations found it difficult to borrow money in 2009, they turned to the local council for help. Councillors considered the request, and appealed directly to the Secretary of State in London for special dispensation to lend the money. Australia’s senior bankers mostly breathed sighs of relief following the release of the final Royal Commission report into banking industry greed and malpractice, although the bosses of National Australia Bank quit after their bank was singled out for criticism. Software company Slack could soon become the second tech unicorn in the space of a year to abandon the IPO process and instead directly list its shares, in another sign that some issuers are souring on the traditional route to public markets.