Euro
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There was an absence of euro benchmarks from public sector borrowers this week, despite it being the first full week of September — traditionally a busy time for printing. This was because issuers are well ahead of their funding plans, according to bankers, meaning there was little need to panic. -
Dutch grid operator Stedin and French utility Suez offered investors more of the same when they tapped into what has been strong demand for longer dated corporate bonds on the same day, but found that appetite is starting to wane.
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Italy’s yields hit a one month low as investors responded positively to comments from the country’s government suggesting it would stay within European Union rules on its upcoming 2019 budget. Some on the buy side believe there could be much more value to come from purchasing BTPs — and SSA bankers believe that the sovereign could bring another syndication this year if the budget fails to dent confidence.
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Italy’s yields hit a one month low as investors responded positively to comments from the country’s government suggesting it would stay within European Union rules on its upcoming 2019 budget. Some on the buy side believe there could be much more value to come from purchasing BTPs.
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Talk of Greece’s return to the bond market for a 10 year euro benchmark has abounded over the last few weeks, following the sovereign’s exit from its third bailout programme. To paraphrase Elvis, it is time for a little less conversation and a little more action.
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Amadeus, the Spanish IT company that provides systems for the air travel industry, sold its fourth deal in as many consecutive years on Thursday. The new deal was its first multi-tranche offering and the eight year tranche was the longest the company had offered to date.
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Latvia has completed its 2018 funding programme with a €350m dual tranche deal, picking up the rest of the cash it was unable to raise in May.
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Two Chinese borrowers’ different approaches to (and different outcomes from) their green bond sales this week have once again put the spotlight on a question that has long plagued the market: where are Asia’s green bond investors? Morgan Davis investigates.
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After a drought of new investment grade corporate bonds from the telecom sector, French operator Orange made it two in two days after Telefónica sold a seven year trade on Tuesday. Orange offered a 12 year tranche as well as another seven year offering, but had to leave something on the table to achieve a €2bn print.
