Barclays
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Erste Abwicklungsanstalt (EAA) was shy of full subscription with a short dated dollar benchmark on Tuesday, as issuance in the currency calmed after a rampant start to the year. Japan Bank for International Cooperation was also out with a dollar benchmark on Tuesday — a three year deal with fixed and floating rate tranches — but it had yet to price as GlobalCapital went to press. -
Bankers and investors believe Europe’s election schedule will drive up rates on new high yield bonds and increase the attraction of leveraged loans to issuers — even as Together Financial’s new sterling offering kept the market alive.
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KfW announced on Monday that it would sell a 10 year euro benchmark on Tuesday. But the breakneck pace of public sector issuance since the start of the year is expected to slacken this week.
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The corporate bond market started the week on the front foot with a triple tranche reverse Yankee from US pharmaceuticals company McKesson that is expected to pave the way for similar issuance.
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The Japan Bank for International Cooperation (JBIC) announced on Monday that it will sell a possible dual tranche dollar bond on Tuesday. The deal will share the market with a two year from Erste Abwicklungsanstalt (EAA).
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Swiss petrochemicals firm Ineos priced a €4.5bn-equivalent four tranche term facility refinancing at the tight end of guidance on Monday, taking advantage of a leveraged loan market where abundant demand and scarce new paper is grinding down margins and encouraging a wave of refinancings.
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The prospect of a far-right leader becoming president of France rocked government bond markets this week. It led to a rare pulled French agency deal and will cause the country’s banks problems with their own huge funding needs. But as other issuers in eurozone countries facing elections showed, the picture of the risks ahead is complicated. Craig McGlashan reports.
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A triumvirate of covered bond issuers from Denmark and Norway enjoyed stellar demand for their euro covered bond benchmarks this week.
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The dollar high grade market slowed to a subdued pace this week following the bonanza of the previous one as corporates with funding needs lined up their documentation after reporting earnings.
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France’s Klepierre printed a €500m 10 year trade on Thursday, with bankers still waiting for a euro issuing corporate to take the step and stretch maturities in the currency further.
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It took a trim of the offering size and issuer’s leverage ratio to sway high yield investors, but French glass packaging manufacturer Verallia finally priced its new bond on Thursday.
