Euro
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Czech company Atrium European Real Estate has hit the market with a deal first roadshowed in June, raising €300m with a seven year. -
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Finland is leaving the door open for a third syndicated bond in 2018, after receiving a record order book for its 10 year euro benchmark deal this week.
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Two of the euro corporate bond market’s more frequent issuers helped fully reopen the market with a pair of dual-tranche deals immediately following the UK August bank holiday. The quality of the credits was one of the reasons the market was able to digest €6.65bn of supply on the day.
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KfW took advantage of the stable market backdrop to issue a new €4bn seven year euro benchmark on Tuesday, but some bankers not on the mandate questioned the degree of interest in the trade.
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While Brexit negotiations continued and banks juggled their contingency plans for various outcomes, two UK corporate issuers successfully accessed the euro corporate bond market this week.
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The corporate bond market started at a frantic pace on Tuesday with five deals pricing. But on Wednesday French tyre manufacturer Michelin found its patience was rewarded with a chance to dominate investors’ attention and it was able to build the largest order book for a 20 year euro tranche in 2018.
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Syndicate bankers on Tuesday’s triple tranche deal from German machinery maker Siemens claimed to be the winners on a day of very competitive supply.
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There was little in the way of emerging market bond issuance this week to set the tone for the usually busy month of September. Although mBank raised €500m of four year money, CEE-focused Atrium European Real Estate had yet to appear with a deal that had been planned for Thursday.
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