Euro
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The corporate bond market started at a frantic pace on Tuesday with five deals pricing. But on Wednesday French tyre manufacturer Michelin found its patience was rewarded with a chance to dominate investors’ attention. -
mBank, a Polish financial institution, has hit the market with what will be the first euro benchmark from a CEEMEA borrower in over a month, taking what some investors believe is a cautious approach to reopening the market.
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European corporate bond investors were pleasantly surprised to be offered two new deals last week before the traditional return of the market following the August bank holiday in the UK. Those bonds did nothing, however, to curb their appetite for a full-throated autumn of issuance
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Finland and KfW received strong investor demand for the first sizeable deals in the euro public sector market following the summer.
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FMS Wertmanagement will join the seven year sterling rush after mandating banks on Friday for a new benchmark trade.
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It has been a dreadful August in emerging markets, but borrowers still have cash to raise and, despite the violent swings in secondary market levels, investors will have cash to put to work when the UK bank holiday has passed.
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BMW and Daimler reopened Europe's corporate bond market on Thursday in emphatic style, reminiscent of the market's usual reopenings after Christmas, when car companies often take the lead. Such a clear and classical restart to issuance, this early in August, is unusual.
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Polish bank mBank is embarking on a roadshow to market the first euro denominated international public bond from the CEEMEA region in over a month, and the first since Turkey’s currency crisis triggered a wave of selling across emerging market debt.
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Chinese bond issuers were the first out of the gate on Thursday, vying for investors’ attention after public holidays in many parts of Asia shut markets on Wednesday.
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KommuneKredit took a careful approach to its first benchmark deal since losing its triple-A rating with S&P. It found a good reception after starting with a wider initial pricing level.
