Currencies
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France plans to forge ahead with tapping its debut Green OAT rather than introducing new SRI lines, despite some investors calling for a shorter dated alternative. Craig McGlashan and Lewis McLellan report. -
Sovereign, supranational and agency borrowers were out in force this week, but the second busiest week of the year for euro funding was notable for the lack of price tension on many deals.
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The Swiss Exchange (SIX), in conjunction with major Swiss franc bond market participants, is set to launch a digital platform called Deal Pool, in the hope of simplifying processes and breeding efficiency in the market. But it will likely change the role of bank sales desks substantially.
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Corporate treasurers are sometimes portrayed as risk averse individuals who pore over financial models to deliver the safest funding for their companies. They do, however, also have a responsibility to raise those funds at the lowest cost. Pragmatism is a trait companies should value highly in a treasurer.
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Italy faced an auction test on Thursday morning and came out with a result that traders said “wasn’t that bad”, despite the political uncertainty facing the country.
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German construction firm Hochtief opted for a €500m no-grow deal when it came to market for the first time as a rated company this week. The company gained a BBB rating from Standard & Poor’s in May 2017.
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Something strange is occurring in Switzerland, where the Swiss franc bond market is rife with both deep optimism and pessimism. Deal execution is riskier than it has been for years, but is being driven by bond buyers’ perceptions of better times ahead. Silas Brown asks whether the market is about to regain its mojo or if this is a case of jam tomorrow.
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Two German issuers sold corporate bonds on Tuesday and on Thursday, mobile phone operator O2 Telefónica Deutschland made it a German treble the following day.
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Spain, fresh from its success with a 10 year benchmark on Tuesday, is eyeing a return to the long end of the syndicated inflation linker market towards the end of the year.
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Germany’s largest residential real estate company, Vonovia, took its total bond issuance year to date to €3.6bn after announcing a €500m no-grow five year deal as it continued to fund its M&A activity.
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British oil and gas company BP returned to the European corporate bond markets on Thursday for the first time in a year. Two euro tranches came 12 months after the company’s last euro offering, and a sterling tranche was its first in its domestic currency since August 2016.
