Crédit Agricole
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On Monday, French supermarkets group Carrefour made its second visit to the corporate bond market of 2018, once again in the wake of a period of volatility. However, the company’s timing proved to be good as it was able to tighten pricing 15bp from initial price thoughts. -
Private school operator Cognita was the first borrower in a week to attempt an issue in the euro high yield market with a sub-benchmark size deal. It sought funding for its acquisition by Jacobs Holding, the Swiss investment and charitable firm, but pulled the bond deal after weak demand.
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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 on Friday. Despite the negative sentiment that had pervaded the market throughout the week, the company paid a new issue concession at the lower end of the range paid by deals the previous week.
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Instituto de Crédito Oficial (Ico) is eyeing up its first ever green bond in 2019 following a series of social bonds.
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Bank Nederlandse Gemeenten failed to reach full subscription for its €750m November 2025 sustainability bond this week, with the issuer attributing the lack of orders to the volatile market conditions.
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Bankers in the corporate bond market still have a number of deals on their pads to try to execute ahead of the end of 2018. None was successful this week, but that hasn’t dented their ambition.
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Crédit Agricole is the latest bank to speak to investors about issuing a green bond, at a time when other European names have been marketing deals in the format.
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Agricultural Development Bank of China (ADBC) has dipped into the euro market for the first time to diversify its investor base, despite having no real need for the currency and having to pay up for the fundraising.
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Investors flocked to the Export-Import Bank of Korea’s (Kexim) $1bn bond on Monday, viewing the policy bank as a defensive credit to park their cash in.
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A pair of socially responsible investment deals from public sector borrowers received mixed views on Monday from on-looking SSA bankers. Instituto de Crédito Oficial was able to tighten its spread by 3bp for its first syndication of 2018, while Bank Nederlandse Gemeenten returned for its second sustainability bond of the year.
