Crédit Agricole
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France’s largest property firm, Unibail-Rodamco, issued a €1bn dual tranche bond on Wednesday that included only the third 20 year corporate bond in euros this year. -
Several covered bond issuers have removed the swaps in their covered bond programmes in the face of onerous regulatory obligations. This has improved their funding efficiency and given investors a less risky, more transparent and potentially higher yielding product. Others should follow.
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The Export-Import Bank of China (Chexim) attracted high quality non-Chinese bidders for its dual currency, triple tranche offering this week. The response shows that demand remains high for mainland credits despite concerns about the country’s growth.
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Several covered bond issuers have removed the swaps in their covered bond programmes, in the face of onerous regulatory obligations. This has improved their funding efficiency and given investors a less risky, more transparent, and potentially higher yielding product. Others should follow.
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Italy enticed investors out the curve on Tuesday with its first ever 20 year euro benchmark, offering a pick-up of around 40bp over where its 15 year benchmark — a more traditional pricing point for the sovereign — was trading in secondaries.
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Carrefour, the French hypermarket chain, issued a €750m bond on Tuesday, in a market enthusiastic for corporate debt.
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Bank Muscat has mandated eight banks for a Reg S dollar benchmark bond.
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The Export-Import Bank of China is poised to return to the offshore bond market this week, lining up banks to hold investor calls for a dual-currency, triple-tranche offering.
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Another blistering week for euro issuance from public sector borrowers brought a dual tranche 20 and 50 year benchmark from the French government that other sovereigns could ape — but only if their liquidity strategy allows it, writes Craig McGlashan.
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