Euro
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Italy replaced €3.8bn of a short dated BTP Italia with longer dated conventional BTPs on Thursday, but against a backdrop where its bond yields were once again on an upward trajectory. -
The Autonomus Community of Andalusia received plenty of demand for its first syndication in over seven years on Wednesday, allowing the issuer to increase the size of its deal and tighten pricing.
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Bank Nederlandse Gemeenten went ultra long in the euro market on Wednesday to issue its longest outstanding bond.
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KfW priced through its curve on Wednesday as it wrapped up its green bond programme for the year with a more than three times subscribed trade.
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Italy will give investors the chance to swap out of its earliest maturing BTP Italia for longer dated nominal bonds on Thursday as it attempts to reduce the size of the €20.5bn issue. The deal comes amid a calmer backdrop for BTP yields than over the last few months — a factor that helped determine the timing of the exchange, said one of the leads.
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Secondary spreads in corporate bonds have widened in October, somewhat in line with the sell-off in all global markets. US credit spreads have suffered more than European, but some investors don’t see the move as material, for now.
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Bank Nederlandse Gemeenten and KfW mandated banks on Tuesday for euro issues at opposite ends of the curve.
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British drinks manufacturer Diageo sold its largest euro corporate bond deal to date on Monday, when it sold a €2bn triple tranche deal. The proceeds are expected to be used to fund the share buy-back programme the company announced earlier in 2018.
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Islamic Development Bank has picked banks for a roadshow promoting its debut euro denominated sukuk benchmark — for the second time this year.
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Österreichische Kontrollbank could issue one more benchmark before the year end at the short end of the curve, according to a treasury official at the agency.
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