Crédit Agricole
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The total issuance of investment grade corporate bonds in February was an underwhelming €14.8bn but the property sector has outshone all others in 2018 and this week was no different as investors had further diversification to consider. -
Six of the nine investment grade corporate new issues in the last week of February were announced with a three letter acronym that, while providing clarity, served to frustrate investors keen to see greater volumes of issuance. WNG stands for “will not grow” and this week told investors that the meagre sized deals would not be increased, irrespective of demand.
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Banks unleashed a blizzard of floating rate bond issuance on the euro market this week, tapping into some pent-up demand from investors. But the return of the long-neglected and more defensive FRN format suggests that issuers feel as though they could be on shakier ground in the primary market this year.
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Finnish residential property developer Kojamo and French care home operator Orpea added to the geographical diversity of the property company corporate bonds sold this week with a €500m seven year deal, while frequent issuer RCI Banque sold a dual tranche offering
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Bank Muscat, Oman’s largest bank by assets and capital, has named leads for a five year dollar note.
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Belgium achieved one of its tightest new issue premiums for years with its inaugural green bond, as green-minded investors from across Europe — and at central banks — piled into the deal on Monday.
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Orpea's €400m seven year foray into the unrated bond market on Thursday was welcomed by Euro PP lawyers and bankers as a sign their market is succeeding in helping issuers enter the capital markets. Those in the Schuldschein market are not so satisfied.
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French commercial property company Carmila returned to the investment grade bond market after two years away and received a positive response from investors for its longest maturity to date.
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Crédit Agricole has hired a banker from SEB to join its FIG syndicate team in London.
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Nexity, the French property developer, increased a convertible bond issue from €180m to €200m on Tuesday after receiving strong demand.
