Euro

UK hotel group InterContinental’s debut euro deal was the smallest of three new corporate bond deals on Thursday after Wednesday saw no new issuance. While Allergan and BMW sold multi-tranche deals, IHG’s deal had been well flagged and still received due attention from investors.

Turkey’s first euro benchmark in four years hit the market on Wednesday, raising €1.5bn with a February 2026 deal before being hit by a sell-off.

On Tuesday, Logicor, the largest provider of logistics property in Europe, made its debut in the euro corporate bond market. The €1.8bn three tranche deal is believed to be the largest debut trade by a real estate company in euros.

A pair of rare euro bonds from sovereign emerging markets borrowers hit the market this week, much to the approval of investors who said the deals provided “good value”.

Turkey hit screens on Wednesday, announcing a February 2026 euro benchmark, following up on its success in dollars in October.

The European Financial Stability Facility wrapped up its funding year by raising €4bn on Tuesday, tightening its pricing from guidance in the process. But despite the deal’s success, there are signs that the strength of the euro market is starting to wane into year-end.

Kazakhstan hit screens on Monday, selling its first euro denominated bonds. The sovereign issued a combined €1.05bn after slashing the yield from initial price thoughts.

The European Financial Stability Facility has opted to tackle a part of the euro curve where KfW found substantial demand last week, with a trade that SSA bankers said should provide a steer on the health of the euro market. There was one positive sign for the sector on Monday, as a Dutch agency increased the size of an SRI bond from its initial target.

Coca-Cola European Partners opened the European corporate bond market on Monday with its third visit to the market since the company was created in 2016. The €400m nine year bond was three times subscribed.

Kazakhstan entered the euro market for the first time on Monday, hitting screens with a dual tranche bond.

Cromwell European Real Estate Investment Trust (CEReit) is looking to raise €224.1m through a rights issue to fund acquisitions of commercial properties and offices.

Green bond bankers believe the Dutch government’s decision to issue its first green bond next year will encourage other borrowers in the country to follow suit — even though many of the large bond issuers have already done so. They are speculating about whether the government might break its long habit and syndicate the bond — and also hope it will use the opportunity to set a template of best practice, writes Jon Hay.