International Financing Review April 4 2020 45BONDS FIGBenson argued the deal had gone well
against a tricky backdrop, in particular
GIVENû,EASE0LANûDOESûNOTûBENElTûFROMûTHEû
ECB’s corporate sector purchase
programme.
“Actually, the investors who know us well
and who supported the transaction know
that the business model has proven to be
very resilient over many different cycles,
including 2008–2009,” he said.
“I would say that our ability to land this
trade against this market backdrop is
TESTAMENTûTOûTHEIRûCONlDENCEûINûOURûABILITYû
to weather this storm.”
!FTERûTHEûPUBLICATIONûOFû,EASE0LANSûû
results last month, chief executive Tex
Gunning said the company was in a strong
position, citing its high-quality customer
base and the contractually recurring nature
of its business and income streams.
However, he said the company was
nevertheless deferring non-urgent
investment and will pay no further
DIVIDENDSûONûITSûûRESULTSû
The new issue partially replaces a €750m
senior that matures this week.NON-CORE CURRENCIES
RBNZ BANS CAPITAL NOTE CALLSANZ BANK NEW ZEALAND will not call its
.:Mû53M ûû!DDITIONALû4IERûû
perpetual ANZ Capital Notes on May 25,
AFTERûTHEû2ESERVEû"ANKûOFû.EWû:EALANDû
ordered local banks not to redeem capital
notes and to stop paying share dividends.
Other central banks have already told
banks under their jurisdictions to skip
paying dividends and/or halt share
BUYBACKSû"UTûTHEû2".:ûISûBELIEVEDûTOûBEûTHEû
lRSTûTOûPREVENTû!4ûNOTEûREDEMPTIONS û
WHICHûWOULDûBEûAûMOREûSIGNIlCANTûMOVEûINû
other countries, including Australia, where
THEREûAREûMANYûMOREû!4ûNOTESûINûTHEû
market.
“To further support the stability of the
lNANCIALûSYSTEMûDURINGûTHISûPERIODûOFû
economic uncertainty, we have agreed with
the banks that during this period there will
be no payment of dividends on ordinary
shares, and that they should not redeem
NON
#%4ûCAPITALûINSTRUMENTS vûSAIDû2".:û
deputy governor and general manager for
lNANCIALûSTABILITYû'EOFFû"ASCAND
ANZ Capital Notes were issued in March
ûASûAûPERPETUALûNON
CALLûlVEû!4û
offering in the retail market. According to
the terms, the notes will mandatorily
convert into ANZ New Zealand shares, if not
CALLED ûTWOûYEARSûAFTERûTHEûlRSTûCALLûDATE
4HISûISûTHEûONLYû4IERûûNOTEûISSUEû
outstanding among New Zealand’s four
major banks, with no other such noteoffering since 2009, when Bank of New
:EALANDûSOLDû.:MûOFûûPERPETUALû
NOTES û".:û)NCOMEû3ECURITIESû ûTHATûWEREû
CALLEDûINû
Outside the majors, Kiwibank sold a
.:MûûPERPETUALûNON
CALLûlVEû!4û
NOTEûISSUEûINû ûTHROUGHûSPECIAL
PURPOSEû
funding vehicle Kiwi Capital Funding (KCFL),
which was due to be called on May 27.COVERED BONDS
EUROS
CA, CM TAKE SIZE AS INVESTORS POUR
BACK IN TO COVEREDSCREDIT AGRICOLE made the most convincing
statement yet of the covered bond market’s
recovery with a €2bn long four-year issue
that pulled in more than €3.7bn of demand
last Wednesday, even as an increased ECB
bid expected by some failed to materialise.
The French issuer’s book was by far the
largest seen in the euro covered bond
market since the recent reopening. The dealtherefore raised hopes that the bond market
could stage a consistent comeback after
relatively sparse supply.
“It’s gone amazingly well,” said a
syndicate banker away from the deal.
Leads #OMMERZBANK û#REDITû!GRICOLE û,""7 û
Natixis and Santander marketed the
$ECEMBERûûOBLIGATIONSûDEûlNANCEMENTû
DEûLHABITATûWITHûTHEûSPREADûALREADYûlXEDûATû
40bp over mid-swaps.
4HEûBOOKûGREWûQUICKLY ûPASSINGûõBNû
within 45 minutes. The size was ultimately
lXEDûATûõBN ûWITHûTHEûlNALûBOOKûSTANDINGû
ABOVEûõBNûANDûABOUTûûACCOUNTSû
included.
For comparison, fellow French bank BPCE
PRICEDûAûõBNûlVE
YEARûCOVEREDûATûTHEûSAMEû
40bp spread on March 24 but attracted just
õBN
PLUSûOFûDEMANDûFROMûMOREûTHANûû
accounts.
“[Credit Agricole’s] deal could therefore
be a tentative sign that the tide is turning,
with an increasing number of investors back
into the game,” said Joost Beaumont, senior
lXEDûINCOMEûSTRATEGISTûATû!".û!-2/TIDE TURNING
CREDIT MUTUEL HOME LOAN offered further
proof of the market’s recovery the
following day.ALL SUBORDINATED FINANCIAL INSTITUTION
BONDS (ALL CURRENCIES)
BOOKRUNNERS: 1/1/2020–31/3/2020
Managing No of Total Share
bank or group issues US$(m) (%)Source: Refinitiv SDC code: J3a1 Citigroup 9 1,871.16 13.5
2 Credit Agricole 4 1,760.17 12.7
3 HSBC 6 1,117.15 8.1
4 Goldman Sachs 5 901.78 6.5
5 BofA Securities 4 892.89 6.4
6 BNP Paribas 4 776.99 5.6
7 JP Morgan 4 773.59 5.6
8 Barclays 5 690.53 5.0
9 Morgan Stanley 4 651.08 4.7
10 Santander 3 541.89 3.9
Total 16 13,867.55ALL INTERNATIONAL YEN BONDS
BOOKRUNNERS: 1/1/2020–31/3/2020
Managing No of Total Share
bank or group issues ¥(m) (%)Including all Euro, foreign and global issues. Excluding equity-related
debt.
Source: Refinitiv SDC code: K121 Sumitomo Mitsui 5 88,233.33 45.3
2 Mizuho 3 42,333.33 21.7
3 Mitsubishi UFJ MS 2 27,333.33 14.0
4 Credit Agricole 2 11,750.00 6.0
5 Nomura 1 8,333.33 4.3
6 Daiwa Securities 1 8,333.33 4.3
7 SG 1 8,333.33 4.3
Total 8 194,650.00ALL FINANCIAL INSTITUTION BONDS IN EUROS
BOOKRUNNERS: 1/1/2020–31/3/2020
Managing No of Total Share
bank or group issues €(m) (%)Including banks, insurance companies and finance companies. Excluding
equity-related and covered bonds. Excluding publicly owned institutions.
Source: Refinitiv SDC code: N111 Credit Agricole 21 6,302.50 10.8
2 SG 13 4,607.78 7.9
3 Deutsche Bank 18 4,534.04 7.8
4 BNP Paribas 17 4,150.37 7.1
5 JP Morgan 21 4,121.24 7.0
6 Natixis 9 3,531.23 6.0
7 HSBC 14 2,521.05 4.3
8 Lloyds Bank 3 2,392.09 4.1
9 Barclays 16 2,372.42 4.1
10 Santander 15 2,266.33 3.9
Total 92 58,468.68ALL GLOBAL AND EUROMARKET YEN BONDS
BOOKRUNNERS: 1/1/2020–31/3/2020
Managing No of Total Share
bank or group issues ¥(m) (%)Excluding equity-related debt. Including preferreds.
Source: Refinitiv SDC code: K101 Mizuho 3 42,333.33 31.7
2 Mitsubishi UFJ MS 2 27,333.33 20.4
3 Sumitomo Mitsui 2 27,333.33 20.4
4 Credit Agricole 2 11,750.00 8.8
5 Nomura 1 8,333.33 6.2
6 Daiwa Securities 1 8,333.33 6.2
7 SG 1 8,333.33 6.2
Total 5 133,750.006 IFR Bonds 2327 p 25 - 65 .indd 45 03 / 04 / 2020 20 : 29 : 00