Crédit Agricole
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After spending 2016 away from the high yield market, UK premium car maker Jaguar Land Rover returned on Tuesday to add euros to its all sterling and dollar debt. -
BPCE raised its first €1bn of senior non-preferred notes in euros on Tuesday, joining France’s three other global systemically important bank in the fledgling market.
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KommuneKredit and Unédic have both pulled off strong trades, getting in ahead of what is expected to be a busy week in euros by coming to market on Monday.
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Following a non-deal roadshow in December, Italian electricity and gas distributor Enel sold investors a €1.25bn seven year deal on Monday as it made its debut in the green bond market.
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Crédit Agricole was set to issue a long seven year senior preferred bond on Monday, opting for the old-style asset class instead of a covered bond for its funding requirements.
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KommuneKredit will be first out the blocks in a major currency for the second week running this coming Monday, after mandating banks for a new benchmark on Friday.
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Hopes that spiralling US Treasury yields could lead to a healthy year for 10 year dollar benchmarks from SSA borrowers took a beating this week when the Asian Development Bank bellyflopped with its own attempted entry. Craig McGlashan reports.
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The potential volume of green bond issues is set to reach the very top of what is possible in the bond market, as the French sovereign this week announced the start of a roadshow for its debut green bond later this month.
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Covered bond issuers from Europe’s core accessed the market across a range of intermediate tenors this week with LBBW, Compagnie de Financement Foncier (CFF) and Helaba issuing some of their largest deals in years.
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The equity-neutral convertible bond structure that faded from the market in the second half of 2016 made a strong comeback on Thursday, when French tyre maker Michelin launched a $500m deal that won eager demand and was priced at the best end of terms for the issuer, writes Jon Hay.
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European financials have found every reason to get into the dollar market early in 2017, leading to a fireworks display of total loss-absorbing capacity (TLAC) senior deals this week. Though market conditions could not have been better to receive the banks, many will have wanted to squirrel away quantities of funding and capital for what could be another troublesome year in the capital markets.
