Euro
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Investors have come out in huge numbers to buy the three corporate hybrid deals that have been sold so far in 2019. However, the excess demand is unlikely to be sated as the year unfolds. -
KfW brought yet another record breaking trade to the SSA market in 2019, printing a five year euro benchmark whose order book volume was an all-time high for the issuer.
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Greece has cash. It didn’t need to take €2.5bn of five year bond funding from the capital markets on Tuesday. But the deal was a good tactic to demonstrate that it has access to new capital, which will ultimately push down its borrowing costs and push up its credit ratings. It worked for Portugal, so why not Greece?
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Greece’s highly anticipated return to the public bond markets on Tuesday met with a strong reception from investors. With up to €4.5bn more of benchmark bonds to issue in 2019, Greece is expected to return to the markets for a second syndication this year, which bankers say could be in the 10 year part of the curve. Cyprus will look to follow up on Greece’s success after setting out plans to roadshow a euro transaction in February.
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Austria's 10 year syndication on Tuesday received a final order book that was almost twice the size of its previous record volume. Belgium was also in the market with its second OLO of the year, opting this time for a much longer maturity. Both deals were in keeping with eurozone sovereign supply this year, comfortably printing a combined €10bn from over €55bn of orders.
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Telefónica received overwhelming demand for its debut green bond on Monday with more than €5.4bn of orders, but unfulfilled investors were left with a blank new issue screen on Tuesday as corporate bond issuers move into reporting season. However, it has been one of the busiest Januaries on record.
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Società per la Gestione di Attività (SGA), Italy’s bad loan management vehicle, is preparing to sell its first senior unsecured bond in the euro market. The company’s funding needs have risen amid a growing focus on cleaning up the Italian banking sector.
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CPPIB Capital and NRW.Bank brought well received 10 year euro green bonds on Monday, following the completion of their respective investor calls last week. Elsewhere, KfW has mandated for a euro benchmark in the five year part of the curve, having issued in the 10 year segment earlier in the month.
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Austria, Belgium and Greece went out with mandates for syndications at various parts of the euro curve on Monday, just a day before a crunch vote in the UK Parliament on amendments to prime minster Theresa May’s Brexit plan. But bankers said concerns around Brexit are limited and are no roadblock to sovereign issuance.
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Egypt is revamping its capital markets presence, lining up a debut in the green bond market, a first deal in an Asian currency, and dollar and euro benchmarks all by the end of its fiscal year in June.
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Turkey hit screens for a quick trip to the euro market to sell its second bond of the year on Thursday, and managed to slice 25bp from its yield.
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