Currencies

Prologis, the US-based warehouse Reit group, recently became the first issuer from its sector to issue a green bond, when it sold a €300m 10 year deal.

German business software company SAP printed a €1.5bn triple tranche deal at tight spreads on Wednesday after more than a year and a half without issuing.

China National Chemical Corp (ChemChina) enlisted the help of 18 lead managers to sell a six tranche bond in two currencies on Wednesday.

Since Danish transport and logistics company AP Møller-Maersk last visited the bond market, both Standard & Poor’s and Moody’s have downgraded its ratings and put them on negative watch. However, it has still managed to issue its longest maturity deal so far in euros, alongside a tender offer.

The European Investment Bank printed a €5bn 10 year benchmark on Wednesday — the second largest deal of the year from a non-sovereign SSA issuer — dispelling any lingering concerns over the market’s reaction to the Italian election result.

China National Chemical Corp (ChemChina) enlisted the help of eighteen lead managers to sell a six tranche dual currency on Wednesday. The company initially announced five dollar and euro tranches with tenors ranging from three years to 10 years, before adding a 30 year tranche.

On Wednesday, German business software company SAP printed a €1.5bn triple tranche deal at tight spreads following more than a year and a half without issuing, while American IT services firm DXC sold its first non-dollar deal.

Gazprom has mandated five banks for a euro benchmark bond with a maturity between eight and 10 years.

Investors are seeing the positives from last weekend’s Italian general election — despite a strong showing for populist parties and a hung parliament result — driving the 10 year BTP/Bund spread to a tighter point than it was before the vote.

New Zealand financial Kiwibank is holding non-deal roadshows in Switzerlandahead of what could be its first bond issue in Swiss francs since 2014.

Even allowing for the pause in European corporate bond issuance caused by the volatility of global markets early in February, the month's primary activity proved to be meagre. But investors are hoping the signs for March are better.

Kommunekredit has printed a €1bn five year note — but two more SSA borrowers are lining up further out in the curve.