Currencies
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German chemicals and consumer goods firm Henkel cleaned up in Swissies after a 24 year absence this week, while local company SGS ventured out further along the maturity curve. -
Cassa Depositi e Prestiti pulled off a €1bn dual tranche Covid-19 response bond on Wednesday, capitalising on investors’ desire to deploy cash into coronavirus instruments to ride out a difficult market.
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Greece did not attract the huge reception from investors that it has grown used to over the last few years, despite paying a considerable new issue premium and being eligible for the European Central Bank’s Pandemic Emergency Purchase Programme (PEPP).
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Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark and bid-yields from the close of business on Tuesday, April 14. The source for secondary trading levels is ICE Data Services.
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Greece is looking to become the latest eurozone sovereign to sell a seven year syndicated bond, after mandating banks on Tuesday for the transaction.
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Agence Française de Développement (AFD) was the latest public sector agency to head to the euro market this week as it raised €1.5bn on Wednesday with a 10 year benchmark. While the deal was fully subscribed, the order book was not huge and the pricing did not tighten from guidance, indicating that the market may be slowing.
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It was all eyes on Ireland in the eurozone government bond market this week, as the sovereign printed one of its biggest deals with a record-breaking order book.
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Infrequent issuers are slowly returning to the Swiss franc market. During the past week, Eurofima brought its first Swissies deal in six years, while biotech firm Lonza printed its first bond in any currency since 2017.
