Euro
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A battering in the US stock market sent ripples through financial markets on Monday and Tuesday but, with stability returning, investors are keen to put money to work while higher yields are available. But one opportunity to do so was snatched away from them on Tuesday. -
Greece, which on Monday announced its intention to sell a seven year, kept away from markets because of wide swings in European govvie spreads — a decision lauded by bankers away from the transaction. Dimitris Tsakonas, head of funding at the Greece's Public Debt Management Agency, spoke to GlobalCapital.
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A pair of euro borrowers braved a tricky market on Tuesday, raising a combined €4bn despite heavy weather in government spreads. One opted for a defensive pricing strategy, while the other attempted to squeeze investors.
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Since Greece’s debt exchange operation in November, market participants have been expecting a return either at three years or seven years. Monday’s mandate brought the answer.
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Anglo-Dutch consumer goods company Unilever has become known in the corporate bond markets for its multiple tranche deals. On Monday it announced its third such trade in the last three years and investors showed they still have plenty of appetite for the name, helping the company print its largest ever deal.
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Bevco, the Luxembourg-based investment company that is the third largest shareholder in Anheuser-Busch InBev, made its corporate bond debut on Friday with a benchmark five year deal that won a warm reception from investors.
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While the fast pace of issuance that characterised the SSA market in January has abated, the euro sector provided some rarer names with funding across the curve this week, in spite of a general widening of spreads.
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The investment grade corporate bond market started February with the second busiest day of 2018 so far, picking up after a relatively quiet January. Acea, Ford and Prosegur Cia de Seguridad, sold five tranches between them, including two floating rate notes (FRNs), on the first day of the new month.
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The Republic of Poland exceeded its own and its leads’ hopes when it issued its second green bond this week. Piotr Nowak, undersecretary of state at Poland's finance ministry, told GlobalCapital that with 41% of green accounts participating, the sovereign had succeeded in diversifying its investor base.
