Euro
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The Republic of Turkey has returned for a bond in euros after the $2bn note it sold earlier this month rocketed in value. -
Following the success of Engie’s green hybrid bond the previous week, the French energy company’s Portuguese peer, EDP, launched its own version on Wednesday. While EDP’s deal did not achieve quite the same demand or tight pricing, the result was still a good one.
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Corporate bond spreads widened in the fourth quarter of 2018, adding to the overall negative returns the asset class provided investors with over the year. However, with spreads now back at levels not seen since 2016, investors are considering increasing their allocations to the sector once more.
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Spain came to market on Tuesday, printing its traditional January 10 year euro benchmark and receiving an overwhelming level of demand.
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New issuance returned to the corporate bond market on Tuesday as Auchan and Vonovia attracted €8bn of demand for their new deals after two days without any trades. The new issuance spreads they paid differed markedly however.
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Philippine company International Container Terminal Services has turned to banks for a €260m ($296m) fundraising, breaking a hiatus of more than two years from the loan market.
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Spain mandated banks on Monday for its first syndicated bond of the year, as it looks to replicate the success of other eurozone sovereign syndications so far in 2019.
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The US holiday for Martin Luther King Day often causes a slow day in European markets, but the latest growth data out of China meant that any issuers holding go/no-go calls on Monday morning opted to wait for a better day to bring their new deals.
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