Crédit Agricole
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A stream of SSA borrowers entered the primary bond market this week in both euros and dollars. Dual tranche deals were popular as borrowers sought to take size without paying heavy new issue premiums. -
A hungry euro market gorged on deals from France and the European Union on Tuesday, instilling confidence that a trio of trades on Wednesday’s menu will go well — despite two of them being in the same tenor.
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BMW issued a €1.5bn dual tranche bond on Monday, nine weeks after selling its first public bond of the year. The improvement in market conditions since then was clearly visible, according to a banker away from the deal, as the issuer racked up twice the order volume this time.
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France is preparing its first dual tranche trade, targeting the 20 and 50 year parts of the curve, while bankers expect the European Stability Mechanism to aim for a shorter tenor this week.
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Crédit Agricole raised €1.5bn in senior unsecured funding on Thursday, drawing strong demand at the long end of the curve as its syndicate remained cautious to ensure a smooth allocation process.
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The European high yield bond market burst into life this week with the largest single tranche deal of the year and — more significantly, said some bankers — the first euro deal from a US issuer.
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Portugal brought a dual tranche syndicated tap this week, in what some bankers felt was a disappointment amid a busy market where every other deal went well — but the leads were quick to defend the trade.
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The European Investment Bank and the European Union kicked off April by printing impressive benchmark deals, yet despite this strong start to the quarter SSA bankers fear that a combination of the threat of a Brexit and the low yields on offer in the euro market will make conditions extremely challenging for issuers.
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