Euro
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China’s Ministry of Finance has raised €4bn from a three tranche deal, returning to the euro market after a 15 year layoff. Bankers think the deal will encourage Chinese issuers from across the credit spectrum to come to the euro market. -
The People’s Republic of China made a huge splash in the euro market on Wednesday as investors pounced on the rare opportunity to buy bonds in the single currency from the sovereign.
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Serbia has returned to the euro market after only four months, tapping the line it opened in June this year and raising cash to refinance dollar obligations it faces in 2020.
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Chinese borrowers that have previously ignored the euro bond market should reconsider. Recent deals show there are plenty of reasons for issuers to tap the European investor base.
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KfW will come to market for a €1bn tap of its May 2027 green bond. The deal will bring the amount remaining in the issuer’s 2019 funding programme to €2bn. Bankers say that there are few significant deals in the pipeline and only limited appetite for pre-funding.
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Chinese conglomerate Fosun International turned to Europe for its fundraising efforts this week, enticing investors to a €400m high yield rated bond.
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The People’s Republic of China has caused a stir among DCM bankers in Asia and Europe with plans to return to the euro bond market for the first time since 2004. While expectations on opposite sides of the world are starkly different, what is clear is that the sovereign’s deal will be less about the pricing itself and more about making a statement. Addison Gong and Burhan Khadbai report.
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After making its debut in the capital markets last week, France’s Action Logement Services (ALS) plans to issue bonds and private placements across various maturities under its 100% sustainable euro medium-term note (EMTN) programme.
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The Republic of Indonesia raised more than $2bn from a dual-currency bond sale on Wednesday, taking some of the market by surprise with its opportunistic move.
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Italy won huge backing from investors as it placed its first BTP Italia trade since a poorly received deal in November 2018, which came during the peak of the volatility in the country’s bond market.
