Euro
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On Tuesday, Italgas was the latest issuer to benefit from the lack of corporate bond supply so far in 2018. Investors, starved of paper, have caused order books to be multiple times oversubscribed and issuers have benefitted from tight pricing as a result. -
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Spain, fresh from an upgrade to its Fitch credit rating, hit screens on Monday to announce a new 10 year euro benchmark. The sovereign will share the market with Agence Française de Développement (AFD).
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Only a single issuer came to market in euros on Thursday. In what a banker away from the deal referred to as “good traffic control”, Austria had the market to itself for a €4bn 10 year.
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Execution in the euro SSA market keeps getting better. New issue premiums are sliding as market participants adjust to new yield and spread levels, according to bankers and issuers.
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Expectations for a busy week in the investment grade corporate market were maintained despite only Telefonica taking advantage of good primary conditions on Monday, as it sold a benchmark nine year bond in euros.
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The euro market, despite an increasingly hawkish central bank and strengthening euro, is proving immensely popular with borrowers. A pair of sovereigns hit screens on Monday for euro trades, as did two Nordic agencies.
