Euro
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Issuers and syndicates in the corporate bond market are lining deals up for a four day week this week. The Columbus Day holiday in the US shouldn’t necessarily mean no deals in the European market, but a mixed tone to the secondary market means participants are erring on the side of caution. -
After effectively a three day week this week, due to the German Unity Day holiday, syndicate desks are expecting the corporate bond market to operate for at least four days next week, after the Columbus Day holiday in the US. Some syndicate managers are saying the days off have come at a good time.
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This week's scorecard looks that the funding progress of French agencies as we move into the fourth quarter.
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Spain and Catalonia could be heading for a “Pyrrhic victory on both sides” in terms of their capital markets access, if they fail to reach an agreement on the latter’s status after a disputed independence referendum on Sunday, according to capital markets lawyers.
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Last week's crop of benchmarks have been subjected to the scrutiny of the BondMarker voters and, on the whole, they were pretty impressed.
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Ireland provided the lone benchmark of the week, returning to the syndicated market for the second time this year and printing €4bn of five year paper.
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On Wednesday, French toll road operator Cofiroute paid a low single digit new issue premium for its first corporate bond deal in over a year. The 10 year deal found favour with its faithful French investor base.
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The few hybrid deals that have been printed in 2017 have seen overwhelming demand amid the current low rate environment. A €300m deal from German agriculture servicing company BayWa on Wednesday was no different, even if some of the bond’s features were more unusual.
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Italian auto finance bank FCA Bank on Wednesday opted to go for a short maturity for the lowest cost of funding for its latest bond issue. A €800m three year deal achieved just that, pricing with barely any new issue premium.
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On Thursday the European corporate bond markets had two new telecoms deals to consider. In the investment grade sector, unrated French issuer, Iliad, equalled its largest and longest transaction to date. The seven year trade was the shorter deal on offer, with sub-investment grade Telecom Italia opting for a 10 year tenor.
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After three days without a deal, the euro corporate bond market reopened with nearly €2bn of new issuance from three different issuers. The auto finance lender, FCA Bank, issued a three year deal, French electrical equipment manufacturer, Legrand, sold six year bonds, while French toll road operator, Cofiroute offered a 10 year transaction.
