Euro
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Saudi Arabia has found itself mired in controversy this week over the disappearance and alleged murder of Saudi journalist Jamal Khashoggi. The news has battered Saudi asset prices, but bankers said the market would likely still absorb bond issuance at the right level. -
The Autonomous Community of Andalusia this week became the first Spanish region to return to the capital markets while still under the central government’s Regional Liquidity Fund.
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Chinese state owned vehicle manufacturer Dongfeng Motor sold its second euro bond on Tuesday with its previous issue in euros maturing later in October.
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Italy replaced €3.8bn of a short dated BTP Italia with longer dated conventional BTPs on Thursday, but against a backdrop where its bond yields were once again on an upward trajectory.
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The Autonomus Community of Andalusia received plenty of demand for its first syndication in over seven years on Wednesday, allowing the issuer to increase the size of its deal and tighten pricing.
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Bank Nederlandse Gemeenten went ultra long in the euro market on Wednesday to issue its longest outstanding bond.
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KfW priced through its curve on Wednesday as it wrapped up its green bond programme for the year with a more than three times subscribed trade.
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Italy will give investors the chance to swap out of its earliest maturing BTP Italia for longer dated nominal bonds on Thursday as it attempts to reduce the size of the €20.5bn issue. The deal comes amid a calmer backdrop for BTP yields than over the last few months — a factor that helped determine the timing of the exchange, said one of the leads.
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Secondary spreads in corporate bonds have widened in October, somewhat in line with the sell-off in all global markets. US credit spreads have suffered more than European, but some investors don’t see the move as material, for now.
