Crédit Agricole
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The European corporate bond market had to wait just one day for the first new issue of 2019. Some participants had expected volatility in the global financial markets to result in a blank first week for corporates, but finance subsidiaries of Renault and Toyota opted to start their financing for the year on Thursday. -
Asian issuers are setting the stage for their fundraisings nice and early into the New Year, with South Korea’s Hanwha Total Petrochemical Co announcing a bond mandate on Wednesday morning.
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The global high yield bond market has produced $320bn of new issues in 2018, up to December 21, 43% down on last year’s total of $563bn, according to Dealogic. Sentiment has turned progressively more bearish as the year has worn on, with concerns about US-China trade hostility and overvaluation of US equities biting.
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The European Commission said on Thursday that it had informed four banks that have, in its view, breached European Union antitrust rules in trading SSA bonds in the secondary market that it is investigating them.
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The Netherlands will look to issue around €4bn-€6bn with a maturity of at least 15 years in its debut green bond, which will be sold through a Dutch Direct Auction in the second quarter of 2019.
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UK-listed Ophir Energy has amended and extended its reserves-based lending facility, as a surge of end of year deals continue to work their way through the market.
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Element Materials Technology, the UK materials testing company owned by Bridgepoint, was looking for a small loan extension this week, and seeking consent from its investors for higher leverage ratios under the loan covenants.
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Fosun Tourism Group, a subsidiary of Chinese conglomerate Fosun International, is being spun-off and has started bookbuilding for its HK$4.28bn ($547.19m) Hong Kong IPO.
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Austrian oil and gas company OMV sold its first senior corporate bonds of 2018 on Monday after it attracted €3.9bn of demand for a pair of €500m notes with five year and 10 year tenors.
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French postal operator La Poste saved the corporate bond market in Europe from registering a blank week when it sold its first green bond last Friday. On Wednesday, Deutsche Post followed its peer’s lead by announcing a deal with the same tenor.
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A pair of socially responsible deals from public sector borrowers failed to set the market alight this week. The order books were only marginally oversubscribed and the spreads did not tighten from the initial price thoughts.
