Euro
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Rating: Baa1/BBB+/BBB+
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Rating: Baa1/BBB+/BBB+
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In a very busy week in Europe's corporate bond market, with added noise from secondary market volatility, several issues were nevertheless priced quietly and efficiently. -
The supply of hybrid bonds continued this week, with an additional feature — both hybrids sold this week were certified as green bonds.
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Croatia lengthened its euro curve this week with a €1.275bn long 12 year bond, drawing in a book of more than €3bn for the deal.
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UK-based drinks manufacturer Diageo returned to corporate bond markets on Tuesday after three years without issuing in any bond market. The owner of brands such as Guinness, Johnnie Walker whisky and Tanqueray gin opted for a three year and long six year dual tranche offering on its return.
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German housing association Vonovia continued the recent trend for two year floating rate notes (FRNs) on Monday, while French pair Veolia and ALD tapped into the same pool of liquidity with three year issues on Thursday.
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Single digit new issue premiums had survived the secondary market weakness in corporate bonds of the previous few days, but on Wednesday Vodafone had to pay up as it sold a three tranche deal significantly wide of where its existing bonds were trading.
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On Wednesday morning, it was doom and gloom as secondary spreads had widened and only Vodafone dipped its toe into new issuance waters. But after a stable afternoon and a positive session in the US, Thursday morning brought calm.
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Danish power company Ørsted has wasted no time in issuing under its new name after leaving the Dong Energy brand behind earlier in November. On Thursday the issuer sold a green hybrid and a green senior bond, as well as announcing a tender offer for its shorter dated bonds.
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UK pest control company Rentokil launched its €400m seven year offering on Thursday morning, alongside two three year offerings from the utility and car leasing sectors.
