Euro
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On Thursday, Belgian gas transmission system operator, Fluxys, successfully priced both sub-benchmark tranches of its latest corporate bond deal it had set out to sell when it met with investors earlier in the week. The 10 year tenor was the company’s primary aim, but it was also willing to explore reverse enquiry for a 15 year tenor. -
Having made euro investors wait three years since its last deal, in 2014, Australian pallet and container provider Brambles finally returned to the single currency market on Tuesday, printing a deal with virtually no new issue premium.
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Heineken used the quieter end of the week in terms of issuance to price its second benchmark corporate bond issue of the year. The sixth benchmark issue of the year in Europe from a beer producer was the only deal in the market on Friday.
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Total, the French oil company, has been a frequent issuer of euro bonds, raising €7bn in 2016 and more than €5bn in each of the two previous years. However, it waited until the last week of September to sell its first new issue in euros in 2017.
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The debt restructuring saga at Norwegian paper company Norske Skog took a sharp turn this week wherein a breakthrough with senior investors was quickly waylaid by a group, claiming to represent more than half of the company’s unsecured creditors, rejecting the latest proposal.
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Automotive finance companies rarely issue corporate bonds with tenors longer than four or five years, due to the assets they need to fund. This week, however, three of them sold five year bonds.
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Public sector borrowers this week smashed through their conventional curves with green bond issues. But there was some debate over whether this marks the start of a trend or is merely the product of scorching conditions in both the euro and dollar markets.
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Last Friday saw GlobalCapital launch our new twice-weekly email round-up of SRI and green finance news. Everywhere you turn in the bond markets, every bank or investor you speak to, it doesn’t take long before green bonds are mentioned.
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The euro public sector bond market bounced back in fine fashion this week after a shock result in the German federal election, leading to some well oversubscribed trades. A potential Catalonian independence referendum is also not affecting demand, said bankers.
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On Thursday, Belgian gas transmission system operator, Fluxys, successfully priced both sub-benchmark tranches of its latest corporate bond deal it had set out to sell when it met with investors earlier in the week. The 10 year tenor was the company’s primary aim, but it was also willing to explore reverse enquiry for a 15 year tenor.
