Currencies

American pharmaceutical company Allergan, best known for its cosmetic drug Botox, returned to Europe on Thursday for a new three tranche corporate bond deal. The €1.7bn transaction fell short of the company’s debut €2.7bn deal, but was a filip for a market that had been silent the previous day due to the US mid-term elections.

UK hotel group InterContinental’s debut euro deal was the smallest of three new corporate bond deals on Thursday after Wednesday saw no new issuance. While Allergan and BMW sold multi-tranche deals, IHG’s deal had been well flagged and still received due attention from investors.

Turkey’s first euro benchmark in four years hit the market on Wednesday, raising €1.5bn with a February 2026 deal before being hit by a sell-off.

On Tuesday, Logicor, the largest provider of logistics property in Europe, made its debut in the euro corporate bond market. The €1.8bn three tranche deal is believed to be the largest debut trade by a real estate company in euros.

A pair of rare euro bonds from sovereign emerging markets borrowers hit the market this week, much to the approval of investors who said the deals provided “good value”.

Turkey hit screens on Wednesday, announcing a February 2026 euro benchmark, following up on its success in dollars in October.

Bank of Nova Scotia (BNS) offered Swiss investors a rare chance to buy its debt with a seven year covered bond from a rare name on Tuesday.

The European Financial Stability Facility wrapped up its funding year by raising €4bn on Tuesday, tightening its pricing from guidance in the process. But despite the deal’s success, there are signs that the strength of the euro market is starting to wane into year-end.

Kazakhstan hit screens on Monday, selling its first euro denominated bonds. The sovereign issued a combined €1.05bn after slashing the yield from initial price thoughts.

The state bank of Chile is bookbuilding a return to the Swiss franc bond market.

The European Financial Stability Facility has opted to tackle a part of the euro curve where KfW found substantial demand last week, with a trade that SSA bankers said should provide a steer on the health of the euro market. There was one positive sign for the sector on Monday, as a Dutch agency increased the size of an SRI bond from its initial target.

Coca-Cola European Partners opened the European corporate bond market on Monday with its third visit to the market since the company was created in 2016. The €400m nine year bond was three times subscribed.