Citi

CPPIB Capital hit the euro market on Monday, becoming the first SSA borrower not eligible for QE to access the market since the coronavirus outbreak shuttered the market. A fellow Canadian is set to follow suit.

A string of well rated companies are preparing to issue bonds in the coming days, as syndicate desks are heartened by the continued ample demand from investors. Anheuser-Busch InBev, Volkswagen Financial Services and Thermo Fisher Scientific raised a total of €7.85bn in euros today, despite a rocky market.

British Airways, the UK flag carrier, has extended its dollar revolving credit facility, as the coronavirus-ravaged airline industry continues to reinforce its finances.

Investors flocked to African Development Bank’s Fight Covid-19 social bond on Thursday, allowing the supranational to print its own largest ever dollar deal, and its largest ever social bond.

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US companies have smashed the all time record for bond issuance this month, as they plundered the dollar market in a headlong dash for liquidity that continued on Thursday, even though a darker record was broken: 3.3m new unemployment claims, more than four times the previous highest.

The Inter-American Development Bank on Thursday started marketing a five year sustainable development bond in Global format as it looks to become third SSA borrower to jump into the dollar market this week. But SSA issuers that fund in euros will unlikely be able to mirror join the party.

New issue concessions have tumbled in the high grade corporate bond market today. French industrial gases company Air Liquide has rewritten this week's rules by pricing a bond through its own curve on Thursday.

The Republic of Austria and the African Development Bank announced new bond transactions on Wednesday which will be used to provide emergency financing in response to the coronavirus outbreak.

Kuwait's Equate Petrochemical stuck its head above the parapet this week, holding investor calls for a triple-tranche bond issue.

Europe’s corporate bond new issue market burst back into life on Friday after a nine day coma with two emphatic, big, generously priced deals from impeccable issuers — exactly the pattern of issuance, although on a smaller scale, that the US market has produced on three days this week. Engie and Unilever raised €4.5bn between them, most of it from investors working at home amid coronavirus quarantines.

Germany's Covestro and the UK's 3i have both signed new revolving credit facilities with terms that were agreed before the Covid-19 pandemic sent markets plunging, but lenders said that new deals will have far higher margins.