Currencies

Three European agencies and a Washington supranational tapped 10 year Australian dollar bonds this week, as the demand for long end Kangaroo paper remains healthy.

With the benchmark corporate bond market pausing ahead of Thursday’s European Central Bank meeting, Deutsche Bank sold two sole-led sub-benchmark deals following Monday’s feast of issuance.

A euro and sterling deal from Verizon was the only corporate bond deal in the pipeline when bankers returned to their desks on Monday morning.

French food supplier Danone achieved what is believed to be the most tightly priced corporate hybrid capital issue ever on Monday.

Corporate issuers returning from results blackout wasted no time in wading back into the bond market this week, and with investors confident in predictions that the European Central Bank would not spring a nasty pre-Halloween surprise, the result was a series of blow-out books, jumbo deals and tight pricing. Nigel Owen reports.

Agence Française de Développement has placed a €205m clip maturing in 2037, exceeding the length of its previous longest trade in the currency by five years.

Two more public sector borrowers are set to add to the flurry of socially responsible investments dominating the upcoming SSA pipeline late in the year.

Fridays were once a no-go for new issue markets, but in recent years that mentality has changed and in recent weeks we have seen corporates price some sizeable bond deals. This week looks set for more of the same.

Municipality Finance issued its first green private placement on Wednesday, coming alongside a drive for more green assets on the lending side.

With the benchmark corporate bond market pausing ahead of Thursday’s European Central Bank meeting, Deutsche Bank has sold its second sole-led sub-benchmark deal of the week — a €150m 10 year new issue for the property subsidiary of Casino, the French retailer.

Poland’s Bank Gospodarstwa Krajowego (BGK) printed a €750m long 10 year bond on Tuesday from a book of more than €1.1bn and with only a 3bp new issue premium.

ABH Financial, the holding company of Russian issuer Alfa Bank, returned to the Swiss franc market on Tuesday, with a refinancing of a Sfr85m ($85.6m) January 2018 that almost doubled the size of the original issue. The transaction came just days after Russian investment company 01 Properties pulled a debut deal after finding insufficient support for a four year bond.