Currencies

Australia sold its largest ever bond in its longest ever maturity on Wednesday. Overseas investors swarmed towards the sovereign’s high yielding offer.

Unilever’s attempt to raise prices on goods it sells to UK supermarkets would not have covered all of its costs from the recent depreciation of sterling, a Unilever executive has told GlobalCapital.

FMS Wertmanagement became on Thursday the first public sector borrower since June to print a euro benchmark with a maturity below five years.

US music publisher Warner Music Group on Monday was alone in the European high yield market at the same time that Verallia, the French glass packaging maker, told investors it had cancelled its pay-if-you-can bond offering.

Rentenbank tapped its new 10 year Kangaroo line for A$50m ($37.8m) on Tuesday. Attracting a mixture of Asian accounts, the agency's long dated paper pulled in a wide range of investors.

A number of banks are processing approvals for a club loan being arranged by Hong Kong-based personal loan provider PrimeCredit.

Investment grade corporate issuers hit the euro bond markets in force on Tuesday with five primary transactions in play, but defensive deal sizes characterised the frantic flow.

The European Stability Mechanism (ESM) and the Société de Financement Local (SFIL) sold benchmark debt to an increasingly welcoming market for euro-denominated paper on Tuesday.

The European Stability Mechanism on Monday named four banks to lead manage a dual tranche syndication, expected to be priced on Tuesday.

The Kangaroo market has faced a variety of challenges but, for each challenge, it has evolved to provide new pockets of value for investors and to meet borrowers’ requirements as they respond to the constantly shifting market realities. By Lewis McLellan.

The entry of the renminbi into the IMF special drawing rights (SDR) on October 1 is stirring up debate for a revised role of the SDR, with some suggesting reform of the currency unit could lead to a more stable international monetary system.

US based bond investors said that Argentina’s first euro-denominated bond issue for 15 years came too tight for them, as bankers said this was likely to be exactly what the sovereign had been looking for. However, the level also looked tight for yield-hungry European accounts, with the bonds trading down around a point on Thursday.