Pirelli and Tennet mandate as IG bonds tighten

Pirelli and Dutch utility TenneT announced roadshows this week, with each expected to issue a benchmark deal afterwards. Pirelli was last in the market in 2002 and its comeback is a further sign of the growth of unrated issuance in Europe over the last year. Belgacom was the only borrower to print a euro deal on Monday or Tuesday, but the market remains in rude health. All but one of the 17 benchmark euro deals issued in January are trading below their re-offer spreads, many of them by over 10bp. Read EuroWeek on Friday to see how the action unfolds.