Euro
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Delaware-based chemicals group Chemours added to the surge of reverse Yankee issuers with a new euro deal this week, as sources report growing interest from non-European bond investors in the currency. -
The pipeline for this week is swelling, according to an SSA syndicate official, but the focus may shift from last week's emphasis on euros to dollars.
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European corporate bond market participants are hoping a public holiday on Monday will provide the market with a fillip when it reopens on Tuesday. There was a soft end to the prior week in both primary and secondary.
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Investors dumped BTPs this week as far from market-friendly plans emerged from talks this week between the Five Star Movement and the Northern League, which looked set to form a government as GlobalCapital went to press. But there were still some notes of optimism as Italy sold the latest line of its BTP Italia product with little fuss and bankers said BTP yields were still very far from crisis levels.
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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.
