Crédit Agricole
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South Korea's Nonghyup Bank is readying investors for its annual dollar bond. -
Calls are growing louder for sovereigns to pull their weight and assume a leading role in the development of the green bond market. But, as was demonstrated at panels in Euromoney’s Global Borrowers & Bond Investors Forum this week, many of them are reluctant to take up the SRI baton, write Lewis McLellan and Sharon Kimathi.
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On Wednesday BP became the third UK issuer to sell bonds in euros this week. The €1.5bn dual tranche deal followed oil entering bear market territory on Tuesday.
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British Telecommunications and Coentreprise de Transport d’Electricité launched triple tranche bond deals on Tuesday, with demand skewed towards the longer tranches.
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Régie Autonome des Transports Parisiens (RATP), the Paris transport authority, printed its inaugural green bond on Thursday, selling a €500m no-grow into a thrice oversubscribed book and pulling the price in 5bp from guidance.
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Ferrovie dello Stato Italiane was the only issuer in the corporate bond market on Thursday. The Italian railway operator's eight year €1bn deal followed a European roadshow last week and took a similar path to other deals this week.
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Kepler Cheuvreux has welcomed Swedbank into its European ECM fold as it continues to face off against global investment banks. It has created a model that is tough for others to replicate, writes David Rothnie.
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Coentreprise de Transport d’Electricité made a statement with its inaugural bond issue on Tuesday. The holding company for the French power grid company achieved its aim of raising €2.92bn in three tranches, achieving greater size with the longer bonds.
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European corporate bond markets have quickly shrugged off the uncertainty surrounding the UK election result and central bank meetings, and look set for a busy end to June.
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Remarkably supportive conditions in the euro market allowed some rare SSA names to pull off strong deals this week, including a debut in the currency and a return from a two year hiatus.
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It is often suggested that issuers have to pay up for issuing sub-benchmark sized deals. However, this week two corporate issuers printed successful €300m transactions with little discernible premium compared to benchmark transactions.
