Euro
-
-
Guarantor: Kingdom of Belgium (51.41%), Republic of France (45.59%) and Grand Duchy of Luxembourg (3.00%)
-
-
The euro market has, after a wobble in the first week, adjusted admirably to a new price level and got off to a spectacular start, providing record book sizes and smooth executions across the curve. -
Italy and Portugal showed this week that any concerns about the pace of eurozone quantitative easing halving to €30bn from January were overdone as they each built their largest ever benchmark books. Italy’s trade was particularly notable, as it was the last syndication by its retiring head of funding — and market stalwart — Maria Cannata.
-
-
-
Vonovia, Germany’s largest housing association, may have issued the only investment grade corporate bond on Monday but, as its order books showed, conditions remained very receptive for issuance.
-
Anheuser-Busch InBev’s last visit to the euro bond market was to help finance its $107bn acquisition of SAB Miller in 2016 and on Tuesday the world’s largest brewer returned with a smaller offering that investors were still thirsty for.
-
French toll road operator Autoroutes du Sud de la France on Wednesday followed the path its compatriot Orange had taken on Tuesday by issuing a €1bn 12 year bond, while Deutsche Bahn and Ren Finance on Thursday opted for the 10 year area of the curve. Investors appear keen to put their money to work at the longer end of the corporate bond curve.
-
Italian auto finance bank FCA Bank was in the market on Wednesday with its first benchmark floating rate note, which was priced with no new issue premium.
-
Italian electricity supplier Enel sold its second green bond on Tuesday, repeating the timing of its first such offering in 2017, which it also sold in the second week of the year. The latest deal was the same size, but priced tighter and won a larger order book, despite having a longer maturity.
