BNP Paribas
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Another blistering week for euro issuance from public sector borrowers brought a dual tranche 20 and 50 year benchmark from the French government that other sovereigns could ape — but only if their liquidity strategy allows it, writes Craig McGlashan. -
Issuers stormed out of the blocks with a set of deals across the curve this week, with factors including an increase in swap spreads on the short end, a positive feeling towards the US market since Janet Yellen’s statements in March and the start of the Japanese fiscal year all credited.
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The primary covered bond market was active this week with as many as seven issuers raising more than €6bn, including the longest deal in over a year and a debut borrower in euros.
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Buzzi Unicem, the Italian cement and concrete group, is planning a European-targeted bond issue to tackle €510m of debt maturities this year.
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Appetite for Korea Resources Corp’s offshore outing on Monday was strong despite Moody’s recent decision to review its rating for a downgrade. Not only was the issuer able to increase the bond’s size to $500m but it also found a high quality order book.
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Malaysia's Maybank has priced its latest $400m five year bullet loan tightly at 95bp over dollar Libor, launching the deal into general syndication last week.
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Bank of China Aviation is poised to meet investors ahead of its 144A return that could hit the market as early as next week, while HK Electric has mandated banks for Reg S notes.
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A trio of public sector borrowers comfortably printed at the long end of the euro curve on Wednesday, but the deals suggested a slowdown in demand after a bumper April for the currency.
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A stream of SSA borrowers entered the primary bond market this week in both euros and dollars. Dual tranche deals were popular as borrowers sought to take size without paying heavy new issue premiums.
