Euro
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Credit Bank of Moscow has tightened price guidance for its euro five year bond, with books in excess of €800m for the Reg S/144A note — an unusual format for a euro deal, but one designed to provide a fall back option of switching to dollars if pricing for the bank’s inaugural euro bond was deemed unfavourable after feedback. -
Latvia came to market on Tuesday morning for a 30 year euro benchmark, reawakening a dormant Central and Eastern European bond market.
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The European Financial Stability Facility mandated banks on Monday for a long five year and a tap of its February 2043 bond.
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The Republic of Latvia hit screens on Monday to announce a 30 year euro benchmark — breathing life back into what has been a rather quiet Central and Eastern European bond market.
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The Balearic Islands appointed banks on Monday for its first bond since 2012, just as tensions over Catalan independence return to the forefront of Spanish politics.
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US tobacco group Altria on Monday ended a blackout-blighted slow start to February for the euro corporate bond market when it brought a new deal that included four benchmark tranches. This came the day before the company sold $11.5bn in its home market.
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Blackstone Property Partners Europe on Friday made its third visit to the corporate bond market in eight months and opted for a maturity between its two outstanding bonds. The property fund has now printed €1.75bn of bonds since it sold its Logicor logistics business to China Investment Corp in June 2017.
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The theme in the euro public sector market this week was large book sizes despite issuers paying very little concession, with Finland, the European Investment Bank (EIB), Madrid and the Joint Länder all keeping close to their curves.
