Euro
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A light week of supply in the corporate bond market, which still boasts a healthy pipeline, might have people expecting a rush of supply ahead of summer holidays, but bankers are not so sure. -
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A German sub-sovereign astonished the SSA market this week, selling a 50 year benchmark to show that, despite the expectations of rising rates in euros, some investors at least are still happy to put money into assets at the ultra-long end. Lewis McLellan reports.
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Dutch residential property company Vesteda sold a €500m eight year bond on Tuesday to help refinance its acquisition of a Dutch property portfolio from Dutch financial services company NN Group.
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German healthcare company Fresenius this week opted to issue a €500m no-grow seven year trade following a roadshow, a choice which rewarded it with an order book that was more than five times subscribed.
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Belgian postal operator Bpost announced a debut benchmark eight year deal within 48 hours of finishing an investor roadshow and achieved a very high quality order book for an eight year bond.
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The State of North Rhine-Westphalia has launched its first ever 50 year benchmark, coming to market just as Bank Nederlandse Gemeenten landed at the short end.
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Asian Development Bank picked up €600m and was able to tighten pricing as it sold a green bond in euros for the first time.
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Two corporate bond issuers from opposite ends of the ratings spectrum found similar success with new bonds on Wednesday. The seven and eight year tenors found favour with investors looking to put new cash inflows to work.
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The last week of June and the first week of July have traditionally heralded the start of the Wimbledon tennis championships. This year, however, the corporate bond markets have also seen a lot of back and forth as investors remain sensitive to potential risks.
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A pair of supranational issuers are this week bringing new currencies to their green funding offerings.
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The State of North Rhine-Westphalia is set to bring its longest ever euro benchmark, as public sector borrowers line up trades across the currency’s curve.
