Commerzbank
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Investors showered a debut dollar deal from Uzpromstroybank with orders on Monday, with the order book for the $300m bond peaking at $1.2bn. But despite the success for the privatisation candidate, government officials are hoping that future Uzbek bond issuance will favour local currencies. -
Uzpromstroybank, the BB-/BB- rated bank that is majority owned by the Uzbek government, had racked up more than $800m of orders by lunchtime on Monday for its five year dollar bond.
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A rare borrower from New Zealand, telecoms infrastructure group Chorus, is to roadshow for a bond in Europe, as the continent's mountain of rated corporate debt reached €6.4tr.
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Severn Trent, the UK water company, has hired banks to arrange a roadshow, so that it can market its new sustainable finance framework to potential bond investors.
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LEG Immobilien, a German property company, brought the latest in a string of multi-tranche bonds to the European bond market this week, brushing off worries that the busy market was showing signs of fatigue.
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Perhaps the last two public sector bond benchmark issues of the year hit screens in euros this week and, judging by their reception, the market is closing right on time.
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High grade companies stormed the European bond market with an array of tranches on Wednesday, and investors snapped up the trades, despite it being so late in the year.
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Rentenbank raised €1bn of 10 year cash on Wednesday. The deal did not reach full subscription and the leads were unable tighten the spread from guidance, thanks to a rates sell-off affecting demand from Asia.
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LEG Immobilien, the German property company, marketed a multi-tranche bond on Tuesday. Investors looked at the curve of domestic rival Vonovia to divine relative value.
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Investors showed some price sensitivity when confronted with the State of North Rhine Westphalia’s (Land NRW) dual tranche sustainable offering on Wednesday. Nevertheless, compatriot issuer Rentenbank will add to euro SSA supply this week after mandating banks for a new 10 year benchmark.
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The positive market backdrop has driven smaller and less well-known bank issuers to come forward with rare new bond issues. But they are showing up just as investors pack up for the year, meaning they must work hard to lure enough demand, writes David Freitas.
