Euro
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The European Financial Stability Facility wrapped up its funding year by raising €4bn on Tuesday, tightening its pricing from guidance in the process. But despite the deal’s success, there are signs that the strength of the euro market is starting to wane into year-end. -
Kazakhstan hit screens on Monday, selling its first euro denominated bonds. The sovereign issued a combined €1.05bn after slashing the yield from initial price thoughts.
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The European Financial Stability Facility has opted to tackle a part of the euro curve where KfW found substantial demand last week, with a trade that SSA bankers said should provide a steer on the health of the euro market. There was one positive sign for the sector on Monday, as a Dutch agency increased the size of an SRI bond from its initial target.
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Coca-Cola European Partners opened the European corporate bond market on Monday with its third visit to the market since the company was created in 2016. The €400m nine year bond was three times subscribed.
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Kazakhstan entered the euro market for the first time on Monday, hitting screens with a dual tranche bond.
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Cromwell European Real Estate Investment Trust (CEReit) is looking to raise €224.1m through a rights issue to fund acquisitions of commercial properties and offices.
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Green bond bankers believe the Dutch government’s decision to issue its first green bond next year will encourage other borrowers in the country to follow suit — even though many of the large bond issuers have already done so. They are speculating about whether the government might break its long habit and syndicate the bond — and also hope it will use the opportunity to set a template of best practice, writes Jon Hay.
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A megayacht of a trade from KfW this week suggested that potential headwinds — including the end of quantitative easing, Italy’s reckoning with the European Commission and Angela Merkel’s plan to step away from politics — are failing to sink sentiment in the euro market. But some SSA bankers warned that the trade was more just proof that KfW can float in these conditions — and that an upcoming deal for the European Financial Stability Facility (EFSF) will be a better buoy for the sector’s currents.
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Public sector borrowers are taking different approaches to the MTN market as they look to see out the rest of the funding year.
