Crédit Agricole
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Bank of China kicked off the year’s supply from Asian lenders by raising close to $2.5bn from three senior bonds in dollars and euros. -
Issuers this week have steered clear of negative yielding covered bonds, choosing longer maturities for their securities. Crédit Agricole Italia went as far as 25 years, while on the other end was Santander UK marketing a seven year tenor.
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The European Investment Bank and World Bank kept the strong momentum flowing in the euro public sector bond market on Thursday, hitting the sweet spot with 10 and seven year benchmarks, respectively.
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Crédit Agricole Italia marketed a dual-tranche bond with eight year and 25 year maturities. A steeper curve helped the longer tranche offer a higher pickup against the shorter bond, but investors still placed hefty orders on both tenors.
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Investors piled into the euro public sector bond market on Wednesday, allowing borrowers to achieve well subscribed order books and minimal new issue concessions for a range of maturities.
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Reden Solar, a French company that constructs and manages photovoltaic power plants, has sold a green euro private placement (PP).
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A strong reception for a five year euro benchmark by KfW on Tuesday was enough to lure in a hesitant flock of public sector borrowers to the euro market as the pipeline stacks up for Wednesday’s business.
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DCM officials were encouraged to see investors piling into new non-preferred senior bank bonds on Tuesday, as BBVA, Crédit Agricole and Credit Suisse combined to reopen the market. Borrowers have been willing to offer extra spread to investors at the initial price thoughts stage.
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Air France KLM has mandated banks for a five year euro bond. The appearance of an unrated issuer so early in the year is being seen as a sign of the market’s strength.
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Asian bond issuers went full speed ahead with their fundraising plans on Monday, launching new deals ahead of Chinese New Year holidays at the end of the month.
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Specialisation could define MTNs in 2020 as the market looks to differentiate itself from public markets where borrowers are easily executing large, cheap, liquid benchmarks. MTN dealers’ change of focus is shaking up the league tables. Frank Jackman reports
