Euro
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The European corporate bond markets got straight on with business after the summer break as nearly €9bn equivalent of new paper was priced in two days this week. A healthy pipeline is ready to follow this week’s issuance as borrowers try to preempt market hazards throughout the remainder of 2018, writes Nigel Owen. -
Aerospace and control systems group Honeywell is poised to tap investors in both Europe and the US as levfin markets return to action next week. The firm will look to high yield buyers to help fund the separation of subsidiary Garrett Motion, but a portion of investment grade debt will also be on the table.
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On Wednesday, UK contract catering company Compass Group joined the euro corporate bond market rush with a new 10 year tranche as well as selling a seven year sterling tranche.
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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.
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mBank, a Polish financial institution, has hit the market with what will be the first euro benchmark from a CEEMEA borrower in over a month, taking what some investors believe is a cautious approach to reopening the market.
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European corporate bond investors were pleasantly surprised to be offered two new deals last week before the traditional return of the market following the August bank holiday in the UK. Those bonds did nothing, however, to curb their appetite for a full-throated autumn of issuance
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Finland and KfW received strong investor demand for the first sizeable deals in the euro public sector market following the summer.
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FMS Wertmanagement will join the seven year sterling rush after mandating banks on Friday for a new benchmark trade.
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It has been a dreadful August in emerging markets, but borrowers still have cash to raise and, despite the violent swings in secondary market levels, investors will have cash to put to work when the UK bank holiday has passed.
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BMW and Daimler reopened Europe's corporate bond market on Thursday in emphatic style, reminiscent of the market's usual reopenings after Christmas, when car companies often take the lead. Such a clear and classical restart to issuance, this early in August, is unusual.
