BNP Paribas
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Investors jumped on the opportunity to buy euro bonds with a positive yield in the public sector market this week as KfW and Kommunalbanken sold 15 and 10 year bonds respectively, with the latter returning to the currency for a benchmark for the first time since 2017. -
Asian Development Bank came tight to its curve as it printed its second euro green bond this week — and its largest — following its debut last year.
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Kommunalbanken was almost twice covered for its 10 year euro trade on Thursday as it returned for its first benchmark in the currency since 2017.
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VodafoneZiggo, the Dutch telecoms joint venture evenly split between Liberty Global and Vodafone, is raising €3.1bn in fresh capital. It joins industry peers such as Salt, Wind Hellas and Altice France who have rushed to the market this autumn to take advantage of favourable conditions.
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Kommunalbanken has picked the banks to lead its first euro benchmark since 2017, while the European Stability Mechanism has sent out a request for proposals for its upcoming transaction.
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Mann+Hummel, a veteran borrower in the Schuldschein market, struggled to place a Schuldschein, according to market sources, with participants citing ZF Friedrichshafen’s blockbuster transaction as well as the market’s over-indulgence in the auto sector this year as chief reasons.
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Banque Ouest Africaine de Développement (BOAD) was able to tighten pricing beyond guidance on a 12 year bond, one of its longest dated issues, this week.
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The postponement of Argenta Spaarbank’s non-preferred senior bond on Tuesday was a reminder that investors are not taking a shine to everything sent their way in the market. The large volume of trades this year has prompted investors to become “selective” about what they buy, analysts at Rabobank said.
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China Construction Bank returned to the international bond market on Tuesday, turning to dollar and euro investors with two separately-executed deals worth a combined $1.551 billion.
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Genius Auto Finance will come back to the Chinese auto loan ABS market for a Rmb4bn ($564m) trade next week. That is the same size as its last deal, but the originator will scrap the mezzanine tranche this time around.
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The UK’s Informa brought a €500m no-grow bond on Tuesday, a deal for the publishing and events company that won praise from onlooking bankers.
