Euro
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The new issue market has been stumbling from short issuance window to short issuance window since the start of June, with the periods of no issuance in between often seeing corporate bond spreads widen. That widening however, has started to create a perception among investors that there is value to be had.
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The European Financial Stability Facility (EFSF) on Tuesday priced a €4bn dual-tranche transaction, tapping into a fairly unusual tenor of 35 years. -
A long dated euro benchmark from Quebec had the strongest scores of the week on BondMarker.
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Unrated German mail order retailer Otto Group found plenty of demand for its debut hybrid bond on Tuesday. Order books were more than twice oversubscribed following a week-long roadshow.
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KfW on Monday priced a tap of its recent 15 year euro bond in line with guidance, doubling the overall deal size to €2bn.
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The corporate bond market started the week slowly with a pair of well rated German corporates selling two year floating rate notes on Monday. Both had just a sole lead manager.
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A light week of supply in the corporate bond market, which still boasts a healthy pipeline, might have people expecting a rush of supply ahead of summer holidays, but bankers are not so sure.
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A German sub-sovereign astonished the SSA market this week, selling a 50 year benchmark to show that, despite the expectations of rising rates in euros, some investors at least are still happy to put money into assets at the ultra-long end. Lewis McLellan reports.
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Dutch residential property company Vesteda sold a €500m eight year bond on Tuesday to help refinance its acquisition of a Dutch property portfolio from Dutch financial services company NN Group.
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German healthcare company Fresenius this week opted to issue a €500m no-grow seven year trade following a roadshow, a choice which rewarded it with an order book that was more than five times subscribed.
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Belgian postal operator Bpost announced a debut benchmark eight year deal within 48 hours of finishing an investor roadshow and achieved a very high quality order book for an eight year bond.
