BNP Paribas
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Big moves in US Treasury yields, swap spreads and the euro/dollar and euro/sterling basis swaps put paid to some dollar issuance this week as some borrowers held back and others tapped different currencies. But a pair of Swedish names did get deals done, and rates started to move back into more favourable areas, suggesting volumes could pick up again next week. -
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The euro market got off to a fine start this week as a supranational rarely seen in euros appeared at five years and a mainstay of the market pulled off another successful trade. But later in the week, cracks began to show.
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German chemicals company BASF found substantial demand for its second visit to the corporate bond market to fund its acquisition of Bayer’s seed business.
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Swiss franc bonds are frequenting treasurers’ minds again as windows for arbitrage funding return to the market. For three years, Swiss market participants have gritted their teeth as cross-currency basis swaps and attractive funding conditions in core markets squeezed supply from abroad. But this seems to be changing. Four foreign borrowers raised benchmark bonds this week, and bankers expect many more to follow before the summer lull. Silas Brown reports.
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Kommuninvest printed a $1bn three year dollar bond on Wednesday, following the example set by Swedish Export Credit Corporation (SEK) but shaving an extra few basis points from its spread.
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Climbing US Treasury yields and tightening swap spreads are pushing out levels in dollars, but Swedish Export Credit Corporation (SEK) managed a successful three year trade — a good omen for an upcoming deal from Kommuninvest on Wednesday.
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A pair of supranationals hit opposite ends of the euro curve on Tuesday, keeping down their size ambitions in favour of tightening pricing.
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German chemicals company BASF found substantial demand for its second visit to the corporate bond market to fund its acquisition of Bayer’s seed business.
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The volume of euro and sterling high yield bonds on sale in Europe jumped to €1bn on Tuesday, after NBG Pangaea and Premier Foods hit the market with new offerings. Meanwhile, retail high yield funds enjoyed a second week of inflows.
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BNP Paribas and OP Corporate Bank both marketed floating and fixed rate bonds in the euro market on Tuesday, with the latter able to offer a smaller premium because of its rarity in the capital markets, according to one banker away from the deals.
