Crédit Agricole
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Europe’s corporate bond market burst into full scale action on Wednesday, after two weeks of sporadic new issuance. A €3bn deal from Sanofi, the French pharmaceuticals company, was joined by €1bn from Toyota Motor Credit Corp, €500m from property company Foncière des Régions and yet another small deal from Volvo (see separate stories). -
The European Investment Bank this week priced its longest dated climate awareness bond— a €500m 12 year — also marking the longest euro green benchmark from a supranational or agency issuer. Long-dated green issuance could be an area for SSA borrowers to explore, as they match more closely the long-dated nature of the projects that the bonds back.
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Wednesday would have been the busiest day for European corporate bond issuance since the August break, even without Sanofi’s €3bn stormer.
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Europe’s corporate bond market burst into full scale action today, after two weeks of sporadic new issuance. A €3bn deal from Sanofi, the French pharmaceuticals company, was joined by €1bn from Toyota Motor Credit Corp, €500m from property company Foncière des Régions and yet another small deal from Volvo (see separate story).
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UniCredit looks set to confirm that a sea change is afoot in the additional tier one (AT1) market, as it prepares to print its first euro denominated deal in the format in line with initial price thoughts and with what is likely to be a book smaller than €2bn.
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British cigarette maker Imperial Tobacco has secured financing for its $7.1bn acquisition of brands from Reynolds American, and refinanced its existing revolving credit facilities.
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Unédic is set to become the third issuer this week to bring a euro benchmark after the summer, having mandated a deal for Friday following deals for Finland and Bank Nederlandse Gemeenten (BNG) earlier in the week.
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Via Solutions Nord has issued a €429m private placement as part of the funding for a €600m extension of the A7 motorway in northern Germany.
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Agence Française de Développement has hired banks to arrange a string of investor meetings in Europe before a potential debut climate bond in euros.
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The additional tier one deal pipeline may have shuddered back into life earlier than expected this week as two banks announced roadshows following a rally inspired by inspired by dovish comments from European Central Bank president Mario Draghi. But volatility has since set back into the market and looks ready to test the asset class’s hardiness, writes Graham Bippart.
