Euro
-
German car manufacturer Daimler has proven a good medium to track the tightening of euro corporate bond credit spreads in 2017, having issued more than €9bn before the end of October. On Tuesday, a €1bn 10 year deal took that total within €1bn of the issuer’s 2016 total, but it didn’t come cheap. -
The Republic of Lithuania has launched a pair of euro taps on the same day that PSPP behemoth the European Financial Stability Facility headed to the market for bonds in very similar maturities.
-
The European Financial Stability Facility (EFSF) announced on Monday that it would complete its 2017 funding programme with a pair of taps on Tuesday. Conditions in euros looked strong on Monday, as they allowed the Council of Auckland to pull its spread in by 7bp for its second ever euro deal.
-
There were no Monday morning blues in the investment grade corporate bond market this week as five issuers offered investors a variety of deals to consider.
-
The five deals which priced in the euro corporate bond market on Monday offered investors a variety of options, including hybrids and floaters. For duration buyers, French motorway operator Autoroutes Paris-Rhin-Rhône was in market with a January 2033 maturity.
-
On Monday, French laboratory testing company Eurofins Scientific followed last Monday’s €299m equity sale with a €300m hybrid deal paying very little new issue premium, as the firm’s funding keeps pace with its acquisitions.
-
The trend for corporate issuers in 2017 has been to sell bonds with longer tenors, but in among a five deal issuance spree on Monday was a couple of two year floating rate notes from rare issuers.
-
On Monday, Whirlpool became the fourth US issuer to use the euro corporate bond market in the last 15 days when it sold a €600m 10 year deal, 12 months after it last visited the market.
-
On Thursday, tobacco company Philip Morris sold a $2bn triple-tranche bond deal. On Friday, it was in Europe selling a €1bn dual-tranche transaction, taking advantage of the demand for longer tenors.
-
The European Financial Stability Facility should aim for a bond in the 10 to 12 year part of the curve if it wants to complete its funding for the year next week, according to an SSA syndicate official. Other upcoming euro supply includes Auckland Council.
-
A wave of public sector borrowers is set to hit screens next week, providing investors who have recently been lacking socially responsible bond issues with a well stocked menu of ethically themed deals.
-
