BNP Paribas
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The wheels fell off the IG corporate sterling bond market this week, with one pulled deal and another that barely scraped through. Accusations and recriminations flew over what caused the trouble, which has likely slammed the doors shut on the sterling market until autumn. Mike Turner reports. -
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Ukraine tapped its dollar bonds on Thursday, as the certainty of disbursement of much-needed funding from the IMF remains unclear.
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The Republic of Indonesia veered off its usual funding plan by heading into the bond market this week with a dollar-euro combination trade, at a time when it is feeling the brunt of a big spike in Covid-19 cases. But the stability in secondary market trading and a fall in US Treasuries offered the sovereign an opportunity to top up its coffers, writes Morgan Davis.
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Borrowers from Greater China rolled out five new bonds on Wednesday to raise more than $2bn between them.
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Metropolitan Housing Trust, the UK housing association, had a tough day in the sterling bond market on Wednesday, with a debut sustainable bond that limped over the line despite two days of marketing.
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French investment grade corporate issuers Alstom and Covivio Hotels ignored growing worries over rising coronavirus infections on Tuesday to haul in bumper demand for new bonds.
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The European Commission rounded off its pre-summer funding with a dual tranche outing this week. Despite the huge size raised, the execution was remarkably smooth, as is becoming a signature for the EU. But while the EU’s credentials as one of the top SSA issuers are beyond doubt, questions remain as to whether it is a supranational, or a quasi-sovereign issuer of eurozone safe assets.
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Metropolitan Housing Trust, a UK housing association, has mandated for a sterling bond, amid rising concerns among bankers and investors in the UK on the almost complete easing of coronavirus pandemic social restrictions in England from Monday.
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Raben Group, the Dutch-Polish logistics firm, closed its first sustainability-linked syndicated loan for €225m on Friday.
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A pair of SSA borrowers are set to squeeze a pair of benchmarks in on Tuesday just before the summer holidays period commences in earnest.
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Europe’s high grade bond investors will have a chance to buy debt from one of the sectors most battered by the coronavirus pandemic next week, after French real estate investment trust Covivio Hotels mandated for a trade on Friday.
