By Ben Edwards
The European primary bond market saw another steady stream of
deals Monday as credit spreads remained relatively stable despite
the ongoing uncertainty in the euro zone.
Here is a rundown of how the credit default swap market stands
and the major benchmark-size bonds being sold Monday.
CDS:
iTraxx Europe index: Unchanged at 121/122 bps
iTraxx Crossover index: 1 bp tighter at 493/496 bps
NEW ISSUES:
German highway operator Deutsche Bahn AG is planning a five-year
sterling bond. Initial price guidance was in the area of 75 basis
points over the reference gilt.
Italian lender UniCredit SpA (UCG.MI) is seeking to price its
10-year lower Tier 2 euro bond in the area of 530 basis points over
midswaps.
The European Investment Bank is planning a 10-year sterling
bond. Initial guidance was in the low 80-basis-point area over
gilts.
Spain's state-owned business support group Instituto de Credito
Oficial, or ICO, is planning a five-year euro deal. Guidance is in
the area of 65 basis points over the reference Spanish government
bond.
Sweden is planning a three-year dollar bond.
COMING UP:
Brazilian iron-ore pellet supplier Samarco SA, a joint venture
between Vale SA (VALE) and BHP Billiton PLC (BBL), is planning to
meet investors in Europe and the U.S. ahead of a possible bond
sale. The meetings are scheduled to commence Oct. 24 in Los Angeles
and London before concluding the following day in New York and
Boston.
Russian lender Promsvyazbank (PSBR.RS) is planning to meet with
investors in Europe and Asia about a potential lower Tier 2
subordinated bond. The meetings are scheduled to commence in London
Oct. 23 and 24 before moving to Switzerland and Singapore Oct. 25
and concluding in Hong Kong Oct. 26.
Write to Ben Edwards at ben.edwards@dowjones.com