Euro

After two successful new corporate bond issues on Tuesday, market participants were hopeful of more supply on Wednesday. However, the optimism caused by Wall Street was extinguished as Asian markets tumbled overnight.

Public sector issuers have streamed back into the primary market in euros after being kept away by weeks of volatility. This week is already the second busiest of the year for the sector, but investors are starting to focus on where interest rates are headed.

European corporate bond markets enjoyed one of the busiest weeks of the year last week, but global economic factors mean investors are far from ready to buy everything in sight just yet.

France sold its first syndicated tap on Tuesday, adding €4bn to its GrOAT line. The sovereign will be followed in the green market by a Danish agency's sophomore offering.

Two euro borrowers launched benchmarks on Wednesday, sharing the SSA euro market. While both secured successful deals, one found the market tougher going, as investors pushed back.

In an age where the triumph of populism has shown that communication trumps all else in politics, it’s strange that the Italian iteration of this trend is struggling with something that couldn’t be clearer — its sovereign debt auction schedule.

Bway, the US container maker, is including €475m of euro bonds in the leveraged financing for its $1bn acquisition of rival Industrial Container Services, in a sign of the increasing attractiveness of euro high yield markets.

On Tuesday, two German property-related corporate bond issuers achieved successful funding for their M&A activity by marketing their deals with no-grow approaches. Both companies priced €500m of bonds.

France is set to revisit the SRI market, announcing a syndicated tap of its June 2039 Green OAT, or GrOAT. The deal will follow a German agency's annual green bond.

A pair of borrowers have hit screens for euro benchmarks to be sold during Tuesday’s session, but another nipped in ahead of the rush to price on Monday.

Trading levels given are bid-side spreads versus mid-swaps and/or an underlying benchmark as of Thursday's close. The source for secondary trading levels is Interactive Data.

When Sanofi raised all €8bn of the funding it needed for its acquisitions of Ablynx and Bioverativ in March, much was made of how this showed the capability of the European market to take down large M&A financings. But if Europe is now so capable, why then did Bayer, one of Germany’s brightest corporate stars, take 75% of the €22bn of financing it needed to buy Monsanto from the US instead?