Euro
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Amphenol Technologies, the European subsidiary of a US fibreoptic cable connector firm, sold its first bond in euros on Monday. Despite a weaker secondary tone, demand for the 10 year deal justified the issuer’s decision to press ahead with the trade. -
The Republic of Albania hit screens on Tuesday to print a €500m seven year no-grow and, in the face of strong demand, was able to pull in the spread.
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Finnvera is aiming to raise an additional €500m for its funding programme this year as a result of a surge in the agency’s lending.
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A decade on from the last financial crisis, rating agency Moody’s has identified a number of risky issues which may significantly affect European corporate borrowers, should another crisis occur, despite the improvements that have been made.
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European corporate bond market participants are expecting a quieter week of issuance following two of the strongest weeks of 2018, but there is still plenty of opportunity among the various public holidays.
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The Italian cabinet has agreed upon a budget deficit target of 2.4% of GDP for the next three years, rejecting the finance minister’s 1.6% target proposal, causing Italian assets to sell off.
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Negotiations over Italy’s 2019 budget deficit looked set to go down to the wire as GlobalCapital went to press on Thursday night, with the outcome likely to have a large bearing on the sovereign’s future issuance costs.
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Unédic has decided against a further benchmark bond this year, in a further sign of the slowly diminishing funding programme of the French state employment agency.
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Public sector borrowers snapped up cut price deals in the private markets this week, helping to quell trades in the benchmark sector.
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Eutelsat, the French satellite operator, overcame some strong negative sentiment around its sector to increase its latest corporate bond issue. This was not the first time the company had overcome a difficult environment to get a deal done.
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US healthcare company Abbott Laboratories debuted in the European corporate bond market on Monday, selling a €3.42bn triple-tranche deal. The proceeds of the jumbo deal were to repay the issuer’s outstanding deals in dollars.
