Currencies
-
Corporate hybrid bond investors have been heavily scaled back on their recent orders for new deals, so they will have been pleased by French laboratory testing firm Eurofins Scientific's Halloween Tuesday announcement mandating for its latest deal. -
Caisse des Dépôts et Consignations (CDC) returned to the Swiss franc market after a four year absence on Monday, in order to refinance a Sfr250m ($250.2m) 10 year Swiss franc bond expiring in two weeks’ time — but the French agency had to pay over its euro curve for entry.
-
Investors appear emboldened by news of a snap election in Catalonia, returning to Spanish government bonds and pushing yields down to near two month lows.
-
October will count as a relatively quiet month for most investment grade corporate bond markets, except sterling, which has already absorbed enough new paper to increase on its average monthly volume, according to Dealogic data.
-
Syndicate bankers were quietly confident that the European Central Bank would not surprise with its quantitative easing announcement on Thursday, and they were proven correct. While only RCI Banque used Friday to print a new deal, the market remains in rude health. But public holidays will mean next week’s issuance will be limited too.
-
-
A benchmark deal from 2i Rete Gas, rated Baa2/BBB, was not in the same league as the storming transactions the corporate bond market saw on Monday. Those involved felt they were a day late arriving at the party.
-
While Verizon and Danone amassed combined order books totalling more than €22.5bn on Monday, US consumer goods company Procter & Gamble returned to the euro market somewhat under the radar for its first deal in the currency in two years.
-
Floating rate investors were not left behind in Monday’s glut of issuance. RCI Banque, the Baa1/BBB rated car financing subsidiary of Renault, brought a seven year floater, sized at €500m no-grow.
-
Public sector borrowers are flocking to the green bond market, dominating the upcoming SSA pipeline as the year draws to a close.
-
Just three months after Nestlé last extended its corporate bond curve, the Swiss food group was back in the market. Last Friday it pushed its range of maturities even further out.
