Crédit Agricole
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Corporate borrowers are pumping out new bonds this week and on Thursday it was the turn of some of those worst hit by the Covid-19 pandemic, as investors have felt emboldened enough to look further down the credit curve each day this week. Aeroports de Paris is on screens, as investors credited central bank intervention with bolstering the market. -
The Republic of Austria and the African Development Bank announced new bond transactions on Wednesday which will be used to provide emergency financing in response to the coronavirus outbreak.
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The Republic of Slovenia navigated a much changed euro new issue market on Tuesday, executing a three year bond and tap that required unconventional pricing tactics.
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Europe’s corporate bond market showed the same kind of energy on Tuesday that the US market did three times last week, as a clutch of blue chip issuers launched new deals on the very first day of stability the market offered. Sanofi found huge demand and only a slight slowness from the UK being in lockdown.
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Air France-KLM has taken a series of exceptional measures including drawing down on €1.765bn of bank debt, as some lenders say that the industries worst affected by the coronavirus pandemic will lean heavily on their lending banks.
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A vicious move in swap spreads left investors in IFC’s $1bn social bond with one of the lowest SSA spreads to US Treasuries ever on Wednesday, and a subsequent reversal has left investors wincing. Some questioned the strategy and timing of the trade, but most simply thought that investors were the victim of circumstance.
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A sharp turn in market sentiment following the announcement of a travel ban by the US has destroyed any hopes for a revival in the corporate bond market, sending high grade spreads 25bp wider as borrowers ducked and covered until at least next week.
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China Cinda (HK) Holdings Co priced a $2bn four-tranche transaction on Wednesday, paying a premium to reach its size target as the fast-spreading novel coronavirus, or Covid-19, continued to rattle global markets.
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International Finance Corporation defied volatility to achieve an impressive result in the dollar public sector bond market on Wednesday as it managed to bring in the spread by 4bp to price through the European Investment Bank.
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Once again, corporate bond markets have staged a recovery after a shutdown of several days as asset prices plummeted in response to the growing coronavirus outbreak. Three industrial companies plus JP Morgan issued bonds in the US on Tuesday, which “all went exceptionally well” according to a head of syndicate in London. Danone launched on Wednesday the first euro corporate issue of the week, paying a high spread but small new issue premium.
