Citi
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Participants in Europe’s high grade bond market have been left scratching their heads about the performance of a Becton Dickinson €600m 15 year bond since it was issued last week. The spread has come hurtling in by 20bp, despite bankers away from the deal saying they would probably have valued it similarly to the leads. -
Italy came to the market for its first syndication since a seismic rally in the sovereign’s bonds after Mario Draghi agreed to form a new government earlier this month. But despite the huge confidence from investors in BTPs, a compression of 4bp from initial price thoughts for a new 10 year led to a dramatic loss of over €45bn orders.
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Two SSA borrowers hit screens on Tuesday to announce benchmark bonds. Deal flow in the SSA market has slowed after the January rush, but borrowers are still keeping investors busy with a regular flow of deals.
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Iceland’s Landsbankinn is set to sell its inaugural green bond, having mandated a quartet of banks to begin investor calls on Tuesday ahead of a potential senior issue.
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National Bank of Kuwait, the country’s largest financial institution, has mandated banks to arrange an offering in its return to the additional tier one market. Market participants, however, are still holding out hope for the Kuwaiti sovereign to make an appearance.
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Coupang, an e-commerce company, is planning a $1bn IPO in the US as it gets ready to become the first South Korean firm to list in New York in 10 years.
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Europe’s high grade bond investors showed they are still willing to swallow ultra-thin spreads on Monday, when Dutch leasing company LeasePlan priced a green bond well inside fair value and Deutsche Boerse won ample demand for a thinly priced €1bn deal.
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Italy hit screens on Monday to announce a dual-tranche syndicated deal comprising a new 10 year benchmark and 30 year inflation-linked bond.
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The UK sold its last syndication of the financial year on Tuesday, selling a £2.25bn 2051 index linked bond — its first syndication in the format since November 2019.
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Snam, the Italian gas pipeline company, and SKF, the Swedish ball bearing maker, kicked the week’s corporate bond new issuance off in Europe on Monday with deals that offered razor-thin spreads from the start.
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