Crédit Agricole
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As the dust settles on a thunderous week in the European corporate bond market that saw enormous order books and fat new premiums squeezed to nothing in one case, investors and bankers united in joy that the market was not just open again, but bursting with vigour. Central banks and governments had saved the day, they argued. Only a few are worrying about another lurch downwards, though this is more than likely. -
The Inter-American Development Bank on Thursday started marketing a five year sustainable development bond in Global format as it looks to become third SSA borrower to jump into the dollar market this week. But SSA issuers that fund in euros will unlikely be able to mirror join the party.
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New issue concessions have tumbled in the high grade corporate bond market today. French industrial gases company Air Liquide has rewritten this week's rules by pricing a bond through its own curve on Thursday.
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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.
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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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