Euro

Cores, Spain’s strategic oil reserves manager, has picked banks for a roadshow to promote a euro bond, just as Spain faces its most severe political turmoil in years. But Spanish bond prices, bolstered by European monetary policy are more than weathering the storm.

The euro corporate bond market launched its first new issues of the week on Thursday following two days of public holidays in Germany. Frequent issuers, Aroundtown and Daimler, broke the silence, with the former paying no premium.

Bank Nederlandse Gemeenten (BNG) launched its fourth sustainability bond on Thursday, printing €750m into what one head of DCM away from the trade called a “massively oversubscribed book”, in what is likely a good omen for the approaching wave of SRI borrowing.

Auckland Council is set to bring its second euro bond of the year — and only its third ever — next week, following a series of investor meetings in Europe.

After two days of public holidays in Germany, euro corporate bond bankers launched the first new issues of the week on Thursday. Two frequent German issuers, Aroundtown and Daimler, broke the silence.

Argentina has released price guidance for a €2.5bn triple tranche bond at levels a trader in London described as shockingly wide, while investors started to fret about how much debt the country takes on.

A pair of Dutch public sector borrowers are set to come to market with socially responsible investment bonds. The deals form the first wave of an approaching flood of SSA SRI borrowing.

Cores, Spain’s strategic oil reserves manager, has picked banks for a roadshow to promote a euro bond, just as Spain faces its most severe political turmoil in years.

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.

Corporate hybrid bond investors have been heavily scaled back on their recent orders for new deals, so they will have been pleased by French laboratory testing firm Eurofins Scientific's Halloween Tuesday announcement mandating for its latest deal.

Investors appear emboldened by news of a snap election in Catalonia, returning to Spanish government bonds and pushing yields down to near two month lows.

October will count as a relatively quiet month for most investment grade corporate bond markets, except sterling, which has already absorbed enough new paper to increase on its average monthly volume, according to Dealogic data.