Crédit Agricole

The People’s Republic of China returned to the European market on Wednesday, part of its plan to make euro bond outings an annual exercise. The €4bn transaction was a blow-out, with the order book well oversubscribed — and one of the three tranches achieving the sovereign’s first negative yield. Morgan Davis reports.

High grade corporate bonds flew off the shelves again on Wednesday, with French computer game maker Ubisoft coming through fair value despite growing concern that the rush of deals would mean issuers paying higher new issue premiums.

The European Union received strong demand as it tapped a June 2035 line on Wednesday to finance loan disbursements under its Covid-19 Macro-Financial Assistance (MFA) programme.

Gategroup, the Swiss airline hospitality company, has negotiated with lenders to extend the maturity on its syndicated loan facilities as part of a major debt restructuring for the Covid-battered firm.

A flurry of Gulf issuers was on track on Tuesday to securing last minute bond funding, as investor appetite appeared insatiable for emerging market debt amid a rally that may well be curtailed by the impending US Thanksgiving holiday.

The People’s Republic of China is planning a comeback to the euro bond market this week, one month after selling its first dollar trade in the US.

The high grade corporate bond market burst into life on Monday, with mandates for a diverse range of trades from hybrids to sustainability-linked bonds hitting screens to take advantage of the unexpectedly positive November issuance window.

Renault, the French car maker, issued on Monday its first bond since taking a €5bn state-backed loan. Investors piled into the deal.

Gunvor, the Swiss energy trader, has signed a $1.225bn European revolving credit facility, having increased it after asset-hungry lenders oversubscribed the loan during syndication.

Société de Financement Local (SFIL) was over 5-1/2 times covered as it brought its long-awaited debut green bond to the market on Friday, allowing it to price well inside fair value.

Inmobiliaria Colonial, the Spanish office real estate company, has signed a €1bn sustainability-linked loan, wrapping up a €2bn fundraising spree from the group.

Klépierre, the French shopping centre operator, and UPM–Kymmene, the Finnish paper company, were two of a handful of names to receive raucous receptions from the bond market this week. Issuers benefited as a wave of market-friendly news turned the focus in Europe’s high grade bond market back to a risk on mode.