Euro
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Issuers printed a slew of benchmarks in dollars, euros and sterling last week as the SSA market roared into action. Read on to see whether the first deals of the year won favour with our voters. -
European rates markets suffered some volatility this week, but on a smaller scale than that experienced in the US. This did cause some widening of secondary spreads, but the sentiment around primary issuance has stayed constructive.
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Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3.00%)
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The euro market has, after a wobble in the first week, adjusted admirably to a new price level and got off to a spectacular start, providing record book sizes and smooth executions across the curve.
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Italy and Portugal showed this week that any concerns about the pace of eurozone quantitative easing halving to €30bn from January were overdone as they each built their largest ever benchmark books. Italy’s trade was particularly notable, as it was the last syndication by its retiring head of funding — and market stalwart — Maria Cannata.
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Vonovia, Germany’s largest housing association, may have issued the only investment grade corporate bond on Monday but, as its order books showed, conditions remained very receptive for issuance.
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Anheuser-Busch InBev’s last visit to the euro bond market was to help finance its $107bn acquisition of SAB Miller in 2016 and on Tuesday the world’s largest brewer returned with a smaller offering that investors were still thirsty for.
