Crédit Agricole
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South Korea's Shinhan Bank raised $500m from a Formosa bond on Wednesday, taking advantage of the strong interest from Taiwanese investors for its transaction. The borrower paid just 20bp in new issue premium. -
Yankee bank and insurance names took centre stage in the dollar market as US banks prepared to give their first insight into the impact of the coronavirus with the arrival of bank earnings season.
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Agence Française de Développement (AFD) was the latest public sector agency to head to the euro market this week as it raised €1.5bn on Wednesday with a 10 year benchmark. While the deal was fully subscribed, the order book was not huge and the pricing did not tighten from guidance, indicating that the market may be slowing.
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The State of Qatar and the Emirate of Abu Dhabi looked to sell bonds this week in the wake of extreme oil price volatility that has left commodity exporters with fragile fiscal positions.
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Europe’s top rated corporate bond issuers on Wednesday pushed investors further still, despite the spate of recent deals, with Capgemini bringing the second two year fixed rate bond in as many days and National Grid bringing the longest sterling deal since the coronavirus crisis took hold in the West.
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Chunky books and shrinking new issue premiums were everywhere in Europe's high grade corporate bond market on Tuesday, as some investors said the market felt like it had found solid ground again after huge moves in recent weeks.
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Sanofi, the French pharmaceutical company, followed the example of Danaher by reopening bonds that priced in the last few weeks. It raised another €500m on Monday, pricing well inside where it priced the original bonds at the end of March.
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The corporate bond market made a blazing start to Monday with deals for Repsol, Naturgy and LafargeHolcim on screens, as issuers cram what they can into a shortened week.
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High grade companies poured into the bond market this week as participants weigh up whether this is a redux of 2009’s record year or if the unprecedented central bank spending and high bank liquidity mean that this is a unique market where borrowers raise cash even if they do not really need it.
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Oil firms burst into the corporate bond market on Thursday with BP, Royal Dutch Shell and OMV opening books on multi-tranche trades, as comments from US president Donald Trump sent oil prices rocketing.
