Currencies
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SNCF Réseau paid a significant new issue premium for its first benchmark green bond since 2017 on Monday. The European Investment Bank will issue its own 10 year euro bond on Tuesday, following trades in sterling and dollars earlier in the year. -
Italy hit screens for a 15 year euro benchmark on Monday, in what will be the sovereign’s first syndication for a new issue since agreeing its 2019 budget with the European Commission at the end of last year. Elsewhere in the eurozone periphery, Greece is looking to return to the bond market with a euro syndication in the five year part of the curve, according to bankers.
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On Monday, the US deliveries group FedEx returned to the euro corporate bond market for the first time since its debut visit in 2016 when it raised €3bn to finance its purchase of Dutch peer TNT Express. That deal was a four-tranche combination, but its latest deal was just a €500m 3.5 year deal to refinance the shortest tranche of the debut deal.
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No emerging markets issuer has yet hit screens this week to capitalise on the exceptional momentum of last week’s market.
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On Friday, American data centre owner Digital Realty sold the first green corporate bond in euros of 2019, but investors did not have long to wait for the second one as Italian energy company Enel also chose to issue in the format.
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French construction and concessions group Vinci on Friday sold its first corporate bond since announcing it had agreed to acquire a majority shareholding in Gatwick airport. It was the issuer’s second public bond issue in three months after more than five years without one.
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