Euro
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On Thursday, Imperial Brands bucked the recent trend of ethical and sustainable corporate bond issuance, but found plenty of demand for its latest deal. The UK tobacco group had not accessed the bond market for more than two years. -
Italy passed a test at the long end of the curve with a final order book of over €41bn for a 30 year syndication on Wednesday — far surpassing its previous record book that was set only last month.
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GlobalCapital understands that the Spanish government has approved requests from the Balearic Islands and Castile and Leon to issue new debt. More approvals could follow “in the next few weeks” for the Basque Country and Galicia, according to a DCM banker based in Madrid.
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Green bond issuance has been in hot demand so far this year with investors allocating ever greater sums to sustainable and ethical mandates. However, it is not just the green labels on deals that are affecting their decisions.
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With SSA primary market conditions red hot, it would be wise for French public sector borrowers to crack on with their funding ahead of a double whammy of risk events in May.
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Italy will test peripheral sovereign appetite in the long end after hitting screens on Tuesday for a 30 year syndication.
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All three public sector borrowers in the euro market on Tuesday received record order books, despite the spreads tightening by up to 5bp during pricing — which left little to no concessions for investors.
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France should take advantage of strong market conditions to issue its planned 30 year syndication before any potential volatility arises, according to analysts.
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Finland and Madrid hit screens on Monday to capitalise on the red hot appetite for euro sovereign supply in the 10 year part of the curve.
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When the Western world returned to its desk after being glad to be rid of 2018, corporate bond issuers approached the market cautiously and bankers ensured that deals were sensitively executed. Those approaches brought successful deals and the market has not looked back since. As the Chinese calendar gets set to turn to the year 4717, the market is hoping that this run can be extended.
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France will increase the size of its June 2039 Green OAT next Thursday through auction, according to the Agence France Trésor.
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