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◆ US drugs firm pays single digit NIP ◆ Friday deals growing more common ◆ Issuer moves ahead of anticipated quiet week
French company diversifies funding after inaugural dollar deal last year
Issuers rewarded with tight pricing
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Repsol, the Spanish oil company, brought a junk 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. -
Russian Railways ventured into the Swiss franc market this week to sell the first hybrid corporate bond in over two years, a sign of a maturing Swissie market, according to local market participants.
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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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Sustainability-linked bonds with variable coupons are winning wide acceptance among investors, according to a survey by Natixis of 40 investment managers with $20tr of assets between them. Investors think they could be used by issuers of all kinds, want to see robust standards, and are open to structural innovations.
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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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French car parts maker Faurecia has issued its first green bond, which will help fund its growing investments in hydrogen fuel cell technology.
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