Currencies

On Wednesday Aroundtown became the seventh property company in the last month to sell bonds in Europe. It followed the trend of its peers by extending the maturity profile of its debt with a €500m 8.5 year transaction.

On Tuesday Nestlé issued its first bond since announcing a Sfr20bn (€18bn) share buy-back programme last month. Three rating agencies cut the Swiss foods group’s rating after the announcement, but there was no discernible drop in demand for this transaction.

Gazprom printed a further Swiss franc bonds on Thursday. The deal was less reliant on Russian lenders to reach the Sfr500m ($517.9m) capped size than its previous two Swiss bonds, as Gazprom has developed a strong reputation among Swiss, and wider European, retail lenders.

The Republic of Indonesia sold one of its classic blockbuster deals this week, raising more than $3bn from a three-tranche bond in euros and dollars. The transaction was a mix of self-promotion and opportunism — and further cements the country’s reputation as one of the savviest issuers in the region, writes Morgan Davis.

Chinese biopharmaceutical firm 3SBio has taken a step towards boosting its presence in Europe by printing its debut convertible bond, raising €300m in a rare appearance in the currency from an Asian issuer.

The Republic of Indonesia sealed a $3bn-plus triple tranche deal on Tuesday, in a transaction that proved both opportunistic and strategic for the southeast Asian country.

On Wednesday Aroundtown became the seventh property company in the last month to sell bonds in Europe. It followed the trend of its peers by extending the maturity profile of its debt with a €500m 8.5 year transaction.

Spain’s Principality of Asturias sold a pair of bonds on Wednesday, coming to market for only the fourth time since its debut six months ago, according to Dealogic. A Moody’s report published on Wednesday indicated that more Spanish regions are set to come to market.

Jackson National Life (JNL), the US insurance company, was drawn to the Swiss market on the strength of an attractive basis swap, which allowed the eight year bond to be priced some 10bp-15bp within the firm's dollar funding curve.

SNCF Réseau launched its first 30 year green bond on Tuesday, following the example set by European Investment Bank at the end of June. KfW was also out in euros with a long 15 year — and more borrowers might be tempted to bring euro deals at the long end, said bankers.

Bright Food launched a three year euro bond in Asia on Tuesday, setting initial guidance at 140bp over mid-swaps. The Chinese food and drink producer had roadshowed for a three or five year issue in Asia and Europe last week.

On Tuesday Nestlé issued its first bond since announcing a Sfr20bn (€18bn) share buy-back programme last month. Three rating agencies cut the Swiss foods group's rating after the announcement, but there was no discernible drop in demand for this transaction.