Commerzbank
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French toll road operator APRR started its funding plans earlier than previous years when it sold a €500m nine year deal on Thursday. Its November deal was its only transaction in 2018, but even in busier years it has waited until May before getting started. -
On Wednesday, Deutsche Bahn sold its first bond of 2019, setting the bar with a €1bn 10 year deal that has a new issue premium of less than the 20bp limit that triple-B rated names had failed to tighten past.
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The public sector euro market’s thundering start to the year stayed noisy on Thursday as a quartet of smaller issuers from across the continent printed oversubscribed deals.
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Triton Partners has provided one of the first significant tests of equity blocks market sentiment in 2019, with a €108m sale of shares in Befesa, the German metal recycling firm, that went public in Frankfurt in 2017.
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French toll road operator APRR started its funding plans earlier than previous years when it sold a €500m nine year deal on Thursday. The company’s November deal was its only transaction in 2018, but even in busier years it has waited until May to get started.
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Appetite for eurozone sovereigns is showing no signs of slowing down after Ireland and Portugal joined Belgium this week in scoring their largest ever syndication order books. Several other borrowers sold euro trades on Wednesday, with more supply expected this week as the pipeline has “accelerated” ahead of next week’s parliamentary vote on the UK’s Brexit deal.
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After a run of triple-B rated corporate bond issuance, A-rated names have returned to the market and paid lower premiums than the higher beta issuers had, but 10.75 years remains the longest tenor to date.
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Belgium and KfW received well oversubscribed order books for 10 year euro benchmarks on Tuesday, with several public sector borrowers set to follow in the euro market this week.
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Slovenia hit screens with the first sovereign bond of 2019 on Monday, undergoing some price discovery but closing a successful deal and paving the way for other countries to follow suit.
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French telecoms operator Orange ensured the cobwebs were blown off the corporate bond market on Tuesday when it launched the first multi-tranche offering of 2019, which included the longest tenor of the year to date and the year’s first sterling corporate bonds in its four tranches.
