Euro
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The environment for the return of Greece to the euro public market was enhanced following a 10 year benchmark by Cyprus this week that broke a number of records. -
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American IT services firm DXC Technology made its second visit to the European corporate bond markets on Wednesday and found a good reception from investors for its debut euro issuance.
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The State of North Rhine-Westphalia is looking to return to the short end of the dollar market, following a well received 60 year deal this week that was its longest ever euro benchmark.
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Signs emerged in the SSA market this week that not all SRI bonds are equally worthwhile as far as investors are concerned, particularly when market conditions are not ideal. A series of bonds with a green label went through with little difficulty but a pair of social bonds were undersubscribed. Craig McGlashan reports.
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Japan Tobacco took the rare step of issuing corporate bonds in three different currencies on the same day when it sold its debut euro and sterling bond deals alongside a pair of dollar tranches this week. The unusual move proved to be a successful one however, with each tranche at least three times subscribed.
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French electricity grid operator Réseau de Transport d’Électricité this week took the record for the largest order book for a new 20 year corporate bond in style when it received €5.5bn of orders. The size of the demand was more than double the €2.3bn book, which had given the record to French tyre manufacturer Michelin three weeks before.
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KfW was able to achieve a well oversubscribed book and tight pricing for its 10 year euro benchmark on Thursday, despite a steep sell-off in the issuer’s secondary curve.
