BNP Paribas
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Public sector borrowers piled into dollars across the curve this week, with every issuer finding plenty of demand. But it was trades from Finland and Cades which stood out with aggressive price tightening and chunky order books as they made their long-awaited returns to the currency. -
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The coronavirus pandemic will test the complex relationship between bank loans and the fabled ancillary business supposed to make it all worthwhile. Some banks have provided heaps of extra cash for European clients to keep them alive and it has changed the shape of the loan market, with some banks ramping up market share. But will companies return the love when the time comes?
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Europe’s high grade corporate bond market offered investors an assortment of trades this week, with some defensive issuers managing to print inside fair value, while some of the more esoteric picks had to pay up.
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While the US high yield market has delivered a deluge of secured rescue bonds to bail out airlines, cruise lines, car rental firms, hotels and other "zero revenue" virus casualties, European high yield has stayed sedate, cautious, and stuck to the safest sectors. Can the European bond market rise to rescue financing?
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Unédic and NRW.Bank are planning to issue their first ever social bonds. The proceeds of Unédic's bond will go towards providing support for the French state unemployment package.
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High grade corporate bond investors showed few signs of fatigue on Wednesday, as deals commanded comfortable oversubscription, despite the flurry of issues in recent days.
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Mamoura Diversified Global Holdings took full advantage of fast-building momentum behind Gulf issuers on Tuesday, when it printed a $4bn triple tranche trade that won $23bn of orders.
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High grade corporates filled the primary bond market again on Wednesday, with issuance levels this week looking likely to hit almost €20bn on the back of record weekly European Central Bank bond buying.
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Europe’s high grade corporate bond market pumped out deals on Tuesday, with some defensive issuers managing to print inside fair value while some of the day’s more esoteric picks had to pay up even for short maturity debt.
