Banks
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Europe’s high grade corporate bond market was busy this week, as slightly improved market conditions prompted a diverse set of issuers to lock in funding before the end of the quarter. -
Julius Baer ventured into the Swiss franc market this week to sell its debut operating company bond, raising Sfr260m ($276.9m) in an investor diversification exercise. It was joined by Pfandbriefzentrale, which saw demand skewed to the long and short ends of its latest multi-tranche covered bond offering.
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BPER Banca overcame its sub-investment grade rating on Thursday, attracting plenty of demand for an inaugural social bond that will fund Covid-19 related lending in southern Italy.
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The European Union will complete the funding for its Support to Mitigate Unemployment Risks in an Emergency programme next year, rather than this summer as previously planned.
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Europe’s corporate bond investors got stuck into unrated debt on Thursday, as German airport operator Fraport and French care home company Orpea printed bonds.
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Athene Global Funding encountered slim demand on its return to the sterling market this week, but UBS had better luck at the short end of the maturity curve.
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Belfius cancelled a consent solicitation for one of its tier two bonds this week after the Single Resolution Board took the market by surprise and broadened the scope of its grandfathering period for ‘Brexit bonds’.
