Crédit Agricole
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LVMH Moët Hennessy – Louis Vuitton SE, the French luxury goods group, and Comcast, the US telecoms company, brought the European corporate bond market’s two biggest multi-tranche issues of the year on Wednesday, each hitting sterling and euros and blasting aside fears around coronavirus epidemic’s economic impact. LVMH raised €9.33bn, and Comcast €4.6bn. -
Qatar National Bank returned to the euro market for the first time since March 2018 this week, while there was also an unusual outing in Saudi riyal as Emirates NBD made its debut in the currency — the first from a non-Saudi issuer since 2018.
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Qatar National Bank took $1bn from bond markets on Wednesday as it tapped investors for the second time this year, with just 1% allocated to Gulf Co-operation Council-based investors.
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LVMH Moet Hennessy Louis Vuitton, the French luxury goods group, and Comcast, the US telecommunications company, brought the European corporate bond market's two biggest multi-tranche issues of the year on Wednesday, each hitting sterling and euros, and blasting aside fears among some players of the economic impact of the coronavirus outbreak. LVMH raised a whopping €9.33bn, Comcast €4.6bn.
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Qatar National Bank has tightened price guidance for its second international bond of this year and books are already in excess of 3bn for the $1bn-maximum trade.
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SEB found calm conditions in the euro market this week as it paid a small new issue premium to launch a bail-inable senior bond on the back of its recent results announcement.
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Cassa Depositi e Prestiti will come to market on Tuesday with a 10 year euro benchmark financing social housing projects in Italy.
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Banco Santander included a small premium in the pricing for its latest non-preferred senior bond this week, as the bank looked ahead to a busy year for issuance in the asset class.
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France printed a €5bn 2052 benchmark on Tuesday, opting for an aggressive pricing strategy and keeping to a more restrained size than its typical €7bn.
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Telefonica, the Spanish telecommunications company, issued senior and hybrid bonds in euros on Monday. While it picked a horrendous day for markets for its offer, Telefonica still managed to pay small or negative price concessions relative to its secondary curve.
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Greece and France mandated banks on Monday for new benchmark offerings at the long end of the curve, the former bringing its longest bond since the eurozone debt crisis. The sovereigns are taking advantage of a sharp rally in core and peripheral eurozone sovereign yields, partially engendered by a flight to quality over the coronavirus scare.
