Euro
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Negotiations over Italy’s 2019 budget deficit looked set to go down to the wire as GlobalCapital went to press on Thursday night, with the outcome likely to have a large bearing on the sovereign’s future issuance costs. -
Unédic has decided against a further benchmark bond this year, in a further sign of the slowly diminishing funding programme of the French state employment agency.
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Public sector borrowers snapped up cut price deals in the private markets this week, helping to quell trades in the benchmark sector.
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Eutelsat, the French satellite operator, overcame some strong negative sentiment around its sector to increase its latest corporate bond issue. This was not the first time the company had overcome a difficult environment to get a deal done.
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US healthcare company Abbott Laboratories debuted in the European corporate bond market on Monday, selling a €3.42bn triple-tranche deal. The proceeds of the jumbo deal were to repay the issuer’s outstanding deals in dollars.
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CPPIB Capital will embark on a four city roadshow in October for its first green bond in euros, following its debut green deal in Canadian dollars earlier this year.
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When UK telecoms company Vodafone announced in May that it had agreed to buy some of US rival Liberty Global’s European operations, it said it would use existing cash, €3bn of mandatorily convertible bonds and new debt, including hybrid bonds to fund the €18.4bn acquisition. On Wednesday, Vodafone sold the hybrid bonds, using four different tenors in three currencies. Nigel Owen reports.
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French electricity utility EDF continued a busy September with the first hybrid corporate bond deal in the euro market for more than two months on Tuesday. It also sold a new senior trade in euros, following a $3.75bn triple tranche deal in the US the previous week.
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German publishing company Bertelsmann returned to the euro corporate bond market on Tuesday to re-market a deal it had pulled in May after setting the spread. This time the issuer priced the transaction at what was seen as a more realistic spread, but the high premium was in part due to the illiquidity of the secondary curve.
