Euro
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A triple-A rated supranational and two sovereigns from the eurozone periphery took the opportunity to lock in low rates at the long end this week, amid strong market conditions. SSA bankers expect more supply to follow at this part of the curve over the coming weeks, including from France and potentially Greece. -
A pair of SSA borrowers hit the euro market on Thursday, raising a combined €2.5bn at impressive spreads. Export Development Canada raised €1bn with its second ever euro benchmark while Dexia Crédit Local was able to ratchet the spread in by 4bp on its seven year.
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Anta Sports Products made a stellar euro equity-linked debut this week, sealing a €1bn zero-coupon convertible bond at a negative yield. The deal had its share of challenges, but showed what is possible in a market that has seen a change in sentiment recently. Jonathan Breen reports.
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A combination of factors are driving colossal demand for new issues in the public sector bond market, with Spain setting a new landmark on Tuesday with the largest ever order book in the eurozone.
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Spain and Cyprus attracted strong demand for their syndicated bonds on Tuesday, with the former receiving the largest ever order book for a public sector euro benchmark. Italy and Belgium will add to the eurozone sovereign supply on Wednesday after mandating leads for new 30 and 10 year trades, respectively.
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Anta Sports Products, a Chinese sportswear manufacturer and retailer, had to navigate a number of roadblocks to print a €1bn zero coupon convertible bond to refinance loans in the currency.
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The European Financial Stability Facility took the spotlight in the euro public sector bond market on Monday with an intraday execution ahead of a busy week. The European Investment Bank, Council of Europe Development Bank, Spain and Cyprus have all announced new deals.
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Caisse d’Amortissement de la Dette Sociale has a €4bn funding programme lined up for 2020, matching the total it raised in 2019.
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Hong Kong-listed Anta Sports Products hit the market with a €1bn convertible bond on Monday after the close of business, according to a term sheet seen by GlobalCapital Asia.
