Euro
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Unédic will bring a 10 year euro benchmark on Wednesday that SSA bankers are confident will avoid the fate of some of last week’s deals at that point of the curve. -
Kommunalbanken has delayed its green bond benchmark comeback, following its first Kangaroo issue in the format last month.
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Eutelsat, the French satellite operator, would have been hoping for similar conditions to the previous week when it announced an investor call ahead of its first corporate bond deal in more than two years. The atmosphere had changed however by the time the deal was marketed on Tuesday.
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German publishing company Bertelsmann returned to the euro corporate bond market on Tuesday to remarket a deal it had pulled in May after setting the spread. This time the issuer priced the transaction, but it had to pay a much larger new issue premium than others have done on recent deals.
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Agence France Trésor will increase its use of short-term debt markets after France’s growing deficit — outlined in a government budget statement on Monday — resulted in a nearly €30bn increase in its financing requirements.
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US healthcare company Abbott Laboratories debuted in the European corporate bond market on Monday, selling a €3.42bn triple-tranche deal. The proceeds of the jumbo deal were to repay the issuer’s outstanding deals in dollars.
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The Republic of Albania will go on the road to promote a euro benchmark transaction for the first time in three years.
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UK telecoms provider BT Group avoided competing with six new issues on Thursday and found itself with no competing supply for its latest corporate bond deal on Friday. While BT’s ambitions for the size of its deal this time were more modest than previous trades, the demand was still strong, allowing it to print tight to secondary levels.
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State-owned German rail operator Deutsche Bahn took the opportunity to make the most of the European Central Bank’s corporate bond buying programme when it sold a €500m 12.5 year deal on Thursday.
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The euro public sector market for 10 year deals encountered a steep sell-off in secondary and underperformance in primary this week, as investors take a cautious approach as the European Central Bank’s quantitative easing stimulus comes to a close at the end of the year.
