Currencies
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China’s Haitong Securities priced a dual-currency transaction on Thursday, heading to the euro market for cheaper funding. Another issuer, Peking University Founder Group, was looking to price an up to €100m deal on Friday. -
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The European Stability Mechanism has softened the eligibility criteria for its precautionary credit lines, under a eurozone reform package sealed by the European Union on Tuesday.
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The European Union will look to return to the private placement market for the first time since July 2017 to kick-off its funding programme next year. The supranational was also able to take advantage of strong conditions — since weakened — at the start of the week to bring a public market transaction.
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The first green bond from a Slovenian borrower came to market this week. SID Bank will use the proceeds for green mortgages and financing low carbon aircraft.
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German business software company SAP used its rarity value when it printed a €1.5bn triple tranche deal in March. However, that strategy may no longer be possible, after it sold the largest ever corporate bond priced in December to help fund its recently announced €8bn cash acquisition of experience management software provider Qualtrics.
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On Monday, the euro corporate bond market delivered its largest ever deal in December. However, on Tuesday, there was no follow-up and the dramatic fall in global equity markets has led some investors to call the end of 2018 from a new issue perspective.
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Policy lender China Development Bank printed a dual-currency, three-tranche transaction on Tuesday, raising $2.4bn-equivalent. While it paid just a couple of basis points of new issue premium for the dollar bonds amid a short-lived market rally, demand for the euro portion exceeded expectations.
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SAP on Monday opened the month with the largest euro corporate bond ever sold in December. Tuesday then saw no new issuance, but bankers have not yet turned their attention to buying Christmas presents as a number of deals remain possible.
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China’s Kunming Dianchi Water Treatment has launched its debut offshore loan of $150m.
