Euro
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Syndicate bankers were quietly confident that the European Central Bank would not surprise with its quantitative easing announcement on Thursday, and they were proven correct. While only RCI Banque used Friday to print a new deal, the market remains in rude health. But public holidays will mean next week’s issuance will be limited too. -
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A benchmark deal from 2i Rete Gas, rated Baa2/BBB, was not in the same league as the storming transactions the corporate bond market saw on Monday. Those involved felt they were a day late arriving at the party.
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While Verizon and Danone amassed combined order books totalling more than €22.5bn on Monday, US consumer goods company Procter & Gamble returned to the euro market somewhat under the radar for its first deal in the currency in two years.
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Floating rate investors were not left behind in Monday’s glut of issuance. RCI Banque, the Baa1/BBB rated car financing subsidiary of Renault, brought a seven year floater, sized at €500m no-grow.
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Public sector borrowers are flocking to the green bond market, dominating the upcoming SSA pipeline as the year draws to a close.
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Just three months after Nestlé last extended its corporate bond curve, the Swiss food group was back in the market. Last Friday it pushed its range of maturities even further out.
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With the benchmark corporate bond market pausing ahead of Thursday’s European Central Bank meeting, Deutsche Bank sold two sole-led sub-benchmark deals following Monday’s feast of issuance.
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A euro and sterling deal from Verizon was the only corporate bond deal in the pipeline when bankers returned to their desks on Monday morning.
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French food supplier Danone achieved what is believed to be the most tightly priced corporate hybrid capital issue ever on Monday.
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Corporate issuers returning from results blackout wasted no time in wading back into the bond market this week, and with investors confident in predictions that the European Central Bank would not spring a nasty pre-Halloween surprise, the result was a series of blow-out books, jumbo deals and tight pricing. Nigel Owen reports.
