Euro
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On Thursday, German car manufacturer Daimler made its second visit to the corporate bond market with a €2.25bn dual tranche offering. This followed a $4bn seven tranche issue on Monday. -
A solitary syndication from KfW broke the otherwise placid waters of the public sector debt market on Wednesday.
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On Wednesday, a syndicate of 17 banks was mandated to help French shopping centre operator Unibail-Rodamco raise €3bn with four tranches of senior bonds. The deal came two weeks after the company sold €2bn of hybrid bonds.
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Engine manufacturer Rolls-Royce returned to the European corporate bond markets on Wednesday after a break of nearly five years. The British company sold a €1.1bn dual tranche deal which extended its maturity profile in euros.
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The Islamic Development Bank has set the roadshow schedule for its euro benchmark.
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Investment grade corporate market participants are all aware that the European Central Bank’s bond buying programme will come to an end in 2018. The pace of that buying slowed in April, but the cash that investors are holding is proving to be an easy replacement for the central bank’s support.
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Hungarian fertiliser company Nitrogénművek has completed a roadshow ahead of an expected €200m seven year non-call three Reg S/144A bond. It is expecting to price the deal “as early as tomorrow [Thursday]”.
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With May on the doorstep, investment grade corporate bond market participants will see maintaining already low issuance levels as a success in the coming weeks.
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The European Financial Stability Facility attracted a heavily oversubscribed book for a deal on Tuesday and was able to tighten its pricing considerably, but onlooking bankers did not seem taken by the supranational’s strategy.
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