Crédit Agricole
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The SRI market is in full swing. Two borrowers are set to come to market on Tuesday, while a third is going on the road to promote its return to the format. -
On Friday, Unilever Spreads released guidance for its €4.6bn equivalent loan to fund its acquisition by KKR. French telecoms infrastructure group Circet also launched a smaller deal, a €570m loan package for its buyout by Advent. But investor demand isn't satisfied yet, say some market participants.
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On Thursday, Prologis, the US-based warehouse Reit group, became the first issuer from its sector to issue a green bond, when it sold a €300m 10 year deal.
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Econocom, the Belgian provider of digital business-to-business services, shook off fears over stockmarket volatility to issue a €200m convertible bond on Thursday.
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Saudi Arabia has increased its loan from $10bn to $16bn as banks line up to join the facility, according to a statement from its Debt Management Office (DMO).
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Sunday's Italian election is looming in the minds of those in the European SSA market. But despite the political risk posed, there is next to no volatility in evidence.
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Hopes that green bonds will become an established segment of the sovereign bond market rose this week when Belgium launched its first one to an enthusiastic reception and Hong Kong’s government set out plans for a HK$100bn ($12.8bn) green bond programme.
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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.
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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.
