Citi
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France became the latest European sovereign bond issuer to confront the problem of inflated orders with the sale of its second green OAT via syndication on Tuesday. But instead of bringing the spread in to price extremely tight like Italy and Spain did earlier in the year, France instead attempted to control the sale process by engaging with investors to persuade them not to put in excessive tickets in the first place. Burhan Khadbai reports. -
Europe’s high grade corporate bond market had a more relaxed pace on Thursday, though two issuers brought seven year green bonds: Italian railway company Ferrovie dello Stato and Neste, the unrated Finnish oil refiner which is transitioning to produce biofuels.
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Barclays and Standard Chartered gave euro investors rare opportunities to build subordinated exposure to UK banks this week. The issuers were looking to benefit from strong market conditions during a more stable trading period for interest rates.
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Europe’s high grade primary bond market was pumping out deals with double figure new issue concessions this week, though German real estate company Vonovia’s debut green deal showed that ESG demand is still strong enough that borrowers don’t have to offer extra.
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The Hong Kong Stock Exchange has had a stellar week, hosting two secondary listings worth about $6bn in total in quick succession. The latest out of the gate is Chinese video sharing and gaming platform Bilibili, which kicked off a potential $3bn float within hours of internet giant Baidu wrapping up its multi-billion-dollar deal. Jonathan Breen reports.
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Traton, the commercial vehicle making subsidiary of Volkswagen, had a storming debut in the bond markets on Wednesday, despite increasing choosiness among investors.
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Deutsche Bank and Standard Chartered were marketing green and sustainable bonds in dollars on Tuesday, following a tricky period for new deals in the currency.
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Smart Share Global is drumming up interest in its Nasdaq IPO, which is expected to hit the market in late March, according to a source close to the trade.
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Property manager S-Enjoy Service Group has raised HK$1.04bn ($133.9m) from a sale of primary stock, boosting the size of the deal after strong demand swiftly covered the book.
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Repsol, the Spanish oil company, brought a speculative grade rated hybrid capital bond on Monday but orders fell away towards the end of the execution process as debt bankers say investors are becoming more price-sensitive.
