Euro
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A populist coalition poised to take power in Italy sent shudders across markets this week, with the concerns going well beyond BTPs and Italian corporates to spill into other countries and raise questions over the future of eurozone capital markets unity. Craig McGlashan, Jasper Cox and Sam Kerr report. -
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The euro market got off to a fine start this week as a supranational rarely seen in euros appeared at five years and a mainstay of the market pulled off another successful trade. But later in the week, cracks began to show.
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For much of 2017, corporate bond issuers could be relaxed about when they brought their deals to the market. However, investment bankers kept telling them to hurry up: the first movers would get the best terms.
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US pharmaceuticals company Mylan made its third visit to the euro corporate bond market in three years on Wednesday when it sold a €500m seven year deal with a €1.3bn order book.
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Italian energy company Enel sold €1.25bn of new hybrid bonds this week to help fund the repurchase of its hybrids with 2019 and 2020 call dates.
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German screws and fastenings wholesaler Würth this week found its domestic investor base had stayed loyal after a three year hiatus from the corporate bond market. However, it also found material offshore interest too.
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Two A rated corporates went head to head in the euro corporate bond market on Monday as UK pharmaceuticals giant GlaxoSmithKline and US electrical systems manufacturer United Technologies Corp both launched triple-tranche deals, with two matching maturities involved in the €4.5bn of bonds.
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German chemicals company BASF found substantial demand for its second visit to the corporate bond market to fund its acquisition of Bayer’s seed business.
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The first two days of this week saw more than €10bn of bond issuance, with more than a quarter of that volume made up of three deals sold by auto finance issuers. All three deals managed to achieve new issue premiums of 10bp or less, which was tighter than the majority of deals the week before.
