Euro
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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. -
CPPIB Capital will embark on a four city roadshow in October for its first green bond in euros, following its debut green deal in Canadian dollars earlier this year.
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When UK telecoms company Vodafone announced in May that it had agreed to buy some of US rival Liberty Global’s European operations, it said it would use existing cash, €3bn of mandatorily convertible bonds and new debt, including hybrid bonds to fund the €18.4bn acquisition. On Wednesday, Vodafone sold the hybrid bonds, using four different tenors in three currencies. Nigel Owen reports.
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French electricity utility EDF continued a busy September with the first hybrid corporate bond deal in the euro market for more than two months on Tuesday. It also sold a new senior trade in euros, following a $3.75bn triple tranche deal in the US the previous week.
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German publishing company Bertelsmann returned to the euro corporate bond market on Tuesday to re-market a deal it had pulled in May after setting the spread. This time the issuer priced the transaction at what was seen as a more realistic spread, but the high premium was in part due to the illiquidity of the secondary curve.
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Turk Eximbank has taken to the road for a non-deal roadshow in London, meeting with international investors to discuss the institution’s credit, alongside three other emerging markets borrowers.
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Italian government bond yields jumped around as jittery investors digested another day of conflicting messages from the country’s government, ahead of an expected announcement on the 2019 budget later on Thursday. But even if the deficit plans meet investors’ hopes, there may not be a large BTP rally, said SSA bankers.
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A stream of low-rated US borrowers in euros could continue to flow this year, said market participants, consolidating these reverse Yankees as the second largest sector for euro high yield bonds.
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French certification agency Bureau Veritas had its credentials stamped by investors on Thursday when it sold its third deal in three years. The unrated issuer received €1bn of demand for its €500m long six year deal.
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Unédic drew large demand for its first 10 year euro benchmark of the year on Wednesday, allowing the issuer to considerably tighten its spread through pricing.
