Crédit Agricole
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South Korea’s Kookmin Bank has sold its maiden dollar-denominated Basel III compliant additional tier one bond, opting for a sustainability label to entice investors. -
Chile may be an expensive buy for many EM investors, but the country’s status as the top-rated Latin American sovereign is making it attractive for environmental, social and governance-focused investors, said debt capital markets bankers, after the government sold its second green bond in two weeks.
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Investors poured into Agence Francaise de Developpement (AFD)’s 10 year euro benchmark on Tuesday, allowing the French agency to issue its largest ever trade in the currency.
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Rentenbank failed to achieve subscription for its €500m 10 year trade on Tuesday, despite offering a positive yield and a maturity that has been labelled the ‘sweet spot’ in the euro public sector bond market.
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France’s Korian has amended and extended its bank facility, with the nursing home operator cutting the size to €1bn and a chunky wedge off the margin.
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China General Nuclear Power Corp (CGNPC) raked in $600m on Monday from its third green bond sale, benefitting from investors’ eagerness for investment grade paper.
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Europe's investment grade corporate bond market began the week with a hefty pack of new bond issues, as issuers were spurred on to bring deals by last week's rally and the favourable performance of past prints.
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Agence Francaise de Développement was the only public sector borrower to mandate banks for a new benchmark bond on Monday, as squeezed yields cause issuers to hold off from the primary market.
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Issuance in Swedish kronor picked up this week, with three corporate issuers placing Skr6.28bn ($667.9m) across four private placements, as issuers looked to get in ahead of the midsummer break. In euros, a Dutch and French agency both placed paper, while protests in Hong Kong caused yields to spike in offshore Chinese renminbi and Hong Kong dollars.
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Former Crédit Agricole banker Christoph Paul has been appointed by Mizuho Securities.
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The rally set off European Central Bank president Mario Draghi's assertion on Tuesday that further quantitative easing was possible, if not probable, had reached a level by Wednesday that astonished bankers. Three investment grade companies took advantage that day with benchmark bond issues, while one brought a tap.
