Barclays
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SSA borrowers are streaming into the euro market, flooding the early part of the week with deals in an effort to secure funding before a slew of central bank meetings towards the end of the week. -
Dutch data centre operator Interxion sold a €1bn bond deal this week, the largest fixed rate junk bond of 2018 so far, as the European high yield primary market starts to warm up after a quiet couple of weeks.
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KfW opened the door for dollar issuers after a quiet few weeks in the currency, although the issuer — and SFIL, which followed it — had to navigate some price discovery after last week’s Italy-led volatility.
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Corporate bond issuers enjoyed tighter spreads and strong order books amid an improvement in issuance conditions as they jumped back into the dollar market this week.
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SFIL followed KfW into a reopened dollar market this week with only its second ever dollar benchmark, while engaging in a bit of price discovery that leads said was “spot on”.
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Puxin and VCredit Holdings, both of which launched IPOs earlier this week, were covered on their first day of bookbuilding.
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KfW reopened the public sector dollar market on Wednesday by picking up a hefty $4bn from a well oversubscribed book. Société de Financement Local will be next up, after mandating banks for a trade.
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Swiss Re, the reinsurance group, returned to the equity-linked debt market on Wednesday with a deal that reinforced this issuer’s reputation for financial innovation: a $500m equity-neutral convertible bond that also acts as a contingent convertible security — except with more flexibility for the issuer.
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Slovakia sold 10 year and 50 year bonds from a combined book of over €5bn on Tuesday, the first European sovereign bond since Italy-led volatility last week turned government bond traders’ screens into a kaleidoscope of reds and greens. It was also the longest CEE print in over a decade.
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KfW will bring what bankers say will be the first “real jumbo test” for the market since a wave of Italy-led volatility hit bonds last week.
