IG wide open, euro long-end in favour as Siemens prints 20s.
The investment grade European corporate bond market is wide open this week, with a swathe of jumbo new issues in euros. Boosted by a relative lack of supply in recent weeks, issuers are achieving good terms, particularly on longer dated issues, with Siemens issuing the first 20 year bond of the year so far. But the sterling market is quiet as investors wait for clarity on what form the UK’s exit from the European Union in March will take.
So far this week, investors have had the opportunity to buy six benchmarks in euros, including two jumbo multi-tranche deals from Siemens and Fortum on Tuesday.
Leaseplan was first out of the gate on Monday and has since been joined by Siemens, Fortum, LVMH, Daimler and Unibail-Rodamco-Westfield....
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