Euro
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Danish logistics company Maersk gave investors something other than political and economic matters to consider this week when it announced a tender offer for its shortest dated euro bonds on Monday. If the current poor tone in the bond markets continues into 2019, this type of exercise could become more prevalent, writes Nigel Owen. -
Caisse d’Amortissement de la Dette Sociale will have a slightly higher funding programme in 2019 than 2018, the agency said this week, as French government borrowing costs rose.
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Due to the lack of new issuance for over a week in the European corporate bond markets, the vote of no confidence in UK prime minister Theresa May was the talk of both the buy and sell sides on Wednesday morning. But there has been little effect on the market itself so far where political developments in other European states are more of a concern.
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Danish logistics company Maersk gave investors something other than political and economic matter to consider this week when it announced a tender offer for its shortest dated euro bonds on Monday.
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It may be the second week of December, when the corporate bond market is typically quiet ahead of the Christmas break, but there is still plenty for participants to ponder, even though the likelihood of new issuance is considered very low.
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China’s Haitong Securities priced a dual-currency transaction on Thursday, heading to the euro market for cheaper funding. Another issuer, Peking University Founder Group, was looking to price an up to €100m deal on Friday.
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The European Stability Mechanism has softened the eligibility criteria for its precautionary credit lines, under a eurozone reform package sealed by the European Union on Tuesday.
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The European Union will look to return to the private placement market for the first time since July 2017 to kick-off its funding programme next year. The supranational was also able to take advantage of strong conditions — since weakened — at the start of the week to bring a public market transaction.
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The first green bond from a Slovenian borrower came to market this week. SID Bank will use the proceeds for green mortgages and financing low carbon aircraft.
