Euro
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The French region mandated banks on Friday for its first green and social bond, which has been targeted for the long end of euro curve. -
French polling and market research firm Ipsos issued its first public corporate bond on Friday, following an investor update, but the responses the company received on the call were inconclusive.
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After a stellar public sector euro market in 2018, there were signs on several deals this week that demand has waned.
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The €6bn debt funding for AkzoNobel Specialty Chemicals’ buyout has some lawyers, bookrunners and investors in the European leveraged finance markets agonising over what they describe as an exercise in private equity firms flexing their muscles.
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The European Central Bank was confident enough in the state of the European economy to confirm on Thursday that it will cut its monthly bond purchases from €30bn to €15bn from October and that it still expects to close the programme at the end of 2018. While some credit traders welcome the move, others are worried that secondary market liquidity in corporate bonds is already starting to decline, writes Nigel Owen.
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Italian multi-utility Iren highlighted the improving sentiment around Italian corporate bond issuers when it priced a €500m seven year green bond 15bp tighter than where similarly rated peer 2i Rete had printed a non-green deal the previous week.
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French building materials producer Saint Gobain received overwhelming demand for its second benchmark issuance of 2018. A combined order book of €7bn meant the issuer could have sold a much larger deal than the €1bn size limit it imposed on itself.
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Dutch registered machinery and vehicle manufacturer CNH Industrial achieved an order book nearly three times oversubscribed for its first corporate bond sale since Standard & Poor’s raised the company rating to BBB.
