BNP Paribas

The Arab Republic of Egypt has released initial price guidance for its dual tranche euro bond at levels that two lead managers said were around 40bp back of its curve.

Four new corporate bonds hit the market on Wednesday. In a change from recent days, all the deals were of moderate size and single tranched. Terna, the Italian grid operator, and Banque PSA France were typical in launching €500m no-grow deals. Book sizes diverged strongly, with those two issuers getting heavy oversubscription, while Aroundtown and Voestalpine had much less.

The European Financial Stability Facility and Council of Europe Development Bank left little on the table with their euro bond issues on Wednesday. More supply is expected, as three more borrowers have picked banks for deals expected this week.

Singapore-listed Keppel Real Estate Investment Trust (Reit) raised S$200m ($147.9m) from a convertible bond on Tuesday, its first tap of the equity-linked market.

BOC Aviation sold its second dollar bond of the year on Tuesday, snapping up $750m from the sale of a 5.5 year trade, after raising $500m from a five year bullet in January.

Telecoms company Cable & Wireless returned to bond markets on Tuesday, less than a week after it tapped its senior unsecured 2027 bonds, with a new senior secured bond with a similar maturity.

ABB, the Swiss-Swedish machinery maker, issued an unusual bond on Tuesday: an 18 month floating rate note that grew as large as €1bn.

Elis, the French workwear and laundry group, took advantage of a corporate bond market eager for yieldy paper on Tuesday by issuing a €500m five year high yield bond that found a friendly reception.

Public sector borrowers were able to achieve zero or negative new issue premiums and close books early in the euro market on Tuesday as investors piled into haven assets amid a weaker outlook for global growth.

The European Financial Stability Facility appointed banks on Tuesday for its first euro benchmark of the second quarter, which will be issued with a 16 year maturity – a part of the euro curve that has become increasingly attractive as bank treasuries head to the long end in search for bigger returns.

Fiat Chrysler Automobiles has extended the maturity of its €6.25bn syndicated bank facility, as loan market activity picks up at the beginning of the second quarter.

Eager demand for hybrid capital issues, amid an environment of low rates, was on show again on Monday, when LafargeHolcim issued its first big deal of this kind. The pricing was tightened by an exceptional amount during the bookbuild — 69bp.