Currencies
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Slovenia hit screens with the first sovereign bond of 2019 on Monday, undergoing some price discovery but closing a successful deal and paving the way for other countries to follow suit. -
French telecoms operator Orange ensured the cobwebs were blown off the corporate bond market on Tuesday when it launched the first multi-tranche offering of 2019, which included the longest tenor of the year to date and the year’s first sterling corporate bonds in its four tranches.
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The corporate bond market saw its second day of issuance in the new year on Monday when French multi-utility Veolia and Belgian electricity grid operator Elia sold new deals.
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As is becoming traditional in the European corporate bond market, car finance issuers sold the first new issues of the year. The fact the market had to wait just one day was a positive, considering that the backdrop was largely unchanged from the end of 2018, when the market had been difficult to access. However, there were some warning signs other issuers will do well to heed.
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The European Bank for Reconstruction and Development on Thursday nipped in front of an expected glut of euro supply next week and was rewarded as it increased a green bond from its original size target and tightened pricing.
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Zurich-based syndicate heads entered the new year cautiously optimistic about the outlook for Swiss franc bond issuance in 2019.
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The European corporate bond market had to wait just one day for the first new issue of 2019. Some participants had expected volatility in the global financial markets to result in a blank first week for corporates, but finance subsidiaries of Renault and Toyota opted to start their financing for the year on Thursday.
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Israel has opened the CEEMEA primary bond market for the year, mandating three banks for a euro denominated 10 year and/or long dated benchmark Reg S note.
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European corporate bond issuers are already preparing to issue their first deals in the post quantitative easing era after December proved a very difficult month for those issuers who were looking to steal a march on the competition. However, conditions for January look only slightly better.
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Danish logistics company Maersk opted to please all of its investors who tendered bonds as part of the company’s recent liability management exercise when it announced on Tuesday that it had increased the total amount it would buy back.
