Bank of America
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Six corporate investment grade borrowers took home a combined $3.75bn as the US dollar market finally took a breather for the summer after the breakneck pace of issuance for the month so far. -
Two deals were priced this week in the European corporate bond market, and next week already looks busier. With a roadshow under way and four others coming up, the window before September’s European Central Bank meeting looks full.
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The two new issues that were priced in the European corporate bond market this week have both tightened from their reoffer spreads. The success of these deals has accelerated the thinking of some issuers and two more roadshows were announced on Thursday.
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Two SSA borrowers printed dollar benchmarks on Wednesday, pulling off solid trades in spite of some investors put off by tight spreads.
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The European Financial Stability Facility on Wednesday sent a request for proposals for its deal window next week, with bankers saying that the supranational has a wide variety of options. The trade is likely to receive a big welcome in a hot euro market, as evidenced by an impressive Unédic trade on Wednesday — dubbed a “cracker” by bankers away from the deal — and equally strong euro deals a day earlier.
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Public sector borrowers are mainly keeping to the short end of the dollar curve this week, but at least one top tier issuer is understood to be considering a 10 year dollar benchmark in the next few weeks.
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Nederlandse Waterschapsbank brought some supply to the sparse long end of the SRI market on Tuesday, printing a trade that alongside Rentenbank was part of a strong re-emergence of euro supply after the summer.
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German medical care company Fresenius attracted 45 banks into a €3.8bn refinancing, closing the transaction on Tuesday.
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Hyundai Capital Services shook off North Korea-related worries to hit the bond market at the start of the week, managing to reach its goal of $900m across two tranches.
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World Bank will find out whether what has been a resilient market for public sector dollar issuance over the summer can support a jumbo trade, after mandating for what will be the first such deal in dollars from an SSA since the spring. Swedish Export Credit Corporation is also out in the currency, going ahead despite some geopolitical and US governmental turmoil over the last few days — and more issuers are lining up to follow.
