Euro
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Populist parties such as Italy’s Five Star Movement are winning elections on platforms of transparency, reducing waste and removing corruption. But the biggest waste of money in Italy this year has been the party’s futile budget standoff. -
Belgian chemicals manufacturer Solvay sold its first public corporate bonds for three years on Tuesday when it reopened the European hybrid bond market, which has not seen a new issue since September. Despite the recent dearth of issuance, the market is still set to record an increase of more than 57% on 2017’s total volume.
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On Monday, Austrian oil and gas company OMV’s first senior corporate bonds of 2018 attracted €3.9bn of total demand for a pair of €500m notes with five year and 10 year tenors. The demand allowed the issuer to tighten the spread by more than 20bp on the longer tranche.
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African Development Bank and Nederlandse Waterschapsbank hit screens on Monday for SRI bonds. Meanwhile, CPPIB Capital will aim to issue its first green bond in euros early next year, following the conclusion of a pan-European roadshow last month.
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On Monday, French supermarkets group Carrefour made its second visit to the corporate bond market of 2018, once again in the wake of a period of volatility. However, the company’s timing proved to be good as it was able to tighten pricing 15bp from initial price thoughts.
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French postal operator La Poste saved the corporate bond market in Europe from registering a blank week when it sold its first green bond on Friday. Despite the negative sentiment that had pervaded the market throughout the week, the company paid a new issue concession at the lower end of the range paid by deals the previous week.
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Instituto de Crédito Oficial (Ico) is eyeing up its first ever green bond in 2019 following a series of social bonds.
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Bank Nederlandse Gemeenten failed to reach full subscription for its €750m November 2025 sustainability bond this week, with the issuer attributing the lack of orders to the volatile market conditions.
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Bankers in the corporate bond market still have a number of deals on their pads to try to execute ahead of the end of 2018. None was successful this week, but that hasn’t dented their ambition.
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US medical technology company Stryker is still looking to bring its debut euro transaction following its recent roadshow, but is waiting for market conditions to improve before pushing its triple-tranche offering into the market.
