Barclays
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Pernod Ricard, the French distiller, priced an opportunistic €500m bond on Monday, paying an 18bp new issue premium in a market that some participants feel is getting heavier. -
European Investment Bank tapped a 2022 sterling line for £300m on Monday, and is open to printing more in the currency.
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Borealis, the Austrian chemicals and fertiliser producer, has extended its €1bn five year revolving credit facility by one year.
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The European Stability Mechanism visited the short end of the curve to bring the largest benchmark from a supranational or agency in 18 months as the euro market goes from strength to strength.
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A falling euro/dollar basis swap has made dollar issuance for euro funding borrowers more attractive — but with a crucial US rate decision looming only a brave or foolish issuer would take the opportunity.
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With increased activity in the euro investment grade and US high yield markets, bankers feel confident the European high yield pipeline should start making real progress, despite this week’s activity being restricted to a single roadshow.
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Barclays looked away from euros on Friday as the bank priced a Samurai deal that made it the first bank to print yen denominated senior debt from the holdco level.
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The Export-Import Bank of China (Chexim) introduced a new structure into Asia’s debt market this week, becoming the first issuer to sell bonds backed by loans. Some investors shied away from the unfamiliar format, but the Chinese policy bank raised $1bn from the dual tranche offering.
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A pair of Asian agencies have tackled the long end in dollars, but despite attracting big order books and setting spreads at the tight end of guidance, bankers stressed the deals should not be taken as a sign that the dollar market is back to full strength.
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Belgium is out with the longest dated deal from a sovereign, supranational or agency — outside the emerging markets — since February. And it is drawing a rip-roaring response which could encourage other issuers to look at the long end.
