Crédit Agricole
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The overwhelming supply of international bonds from Asia continued on Tuesday, as issuers dashed to raise dollars, and in one case, sterling. But not every borrower was able to cross the finish line. -
Indian companies Birla Carbon and Tata Steel have mandated banks for loans and both borrowers have signed up large groups of lenders at the top level.
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Arkema, the French chemicals company, has issued the second corporate hybrid capital bond in Europe in as many days. Bankers say investor appetite for higher risk securities is almost insatiable.
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Two Indonesian deals brought international investors some relief from the onslaught of Chinese bonds on Monday. Pertamina and Tower Bersama Infrastructure netted a combined $1.85bn from three tranches of notes.
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The European Financial Stability Facility took the spotlight in the euro public sector bond market on Monday with an intraday execution ahead of a busy week. The European Investment Bank, Council of Europe Development Bank, Spain and Cyprus have all announced new deals.
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Matthew Xu has become an executive director of debt capital markets in Crédit Agricole’s China debt origination and advisory team, effective Monday.
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US food group General Mills sold €200m of short dated notes on Wednesday, in its first sole-led deal since 2017.
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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.
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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.
