Euro

On Monday, Japanese brewer Asahi Group brought the fourth European bond issue by a beer producer in Europe in 2017, having roadshowed its debut euro bond the previous week.

Since the market returned from its summer break, no corporate bond issuer had printed a new deal with a tenor longer than 12 years before Wednesday. However, on Wednesday French water and waste company Suez Environnement pushed through to 15 years with a €500m trade.

UK-based global mining company Anglo American launched a €1.2bn tender offer and a €600m new issue on Wednesday after recently being returned to investment grade status following 18 months with a junk bond rating.

Ahold Delhaize, the Dutch supermarket company, was the only IG corporate issuer to price a deal on Tuesday. But unlike the five triple-B rated issuers on Monday, the food retailer paid a single digit new issue premium.

Tech giant Amazon’s acquisition of American supermarket chain Whole Foods has caused much speculation since it was announced in June. Is it death knell for some traditional grocers? Will it revive others which may now be in Amazon’s sights?

On Thursday RCI Banque, the financing arm of Renault, brought the corporate bond deal count to 10 for the week, but was the only benchmark issuer in the market on the day. Danish logistics company DSV debuted in euros with a sub-benchmark deal.

Since the market returned from its summer break, no corporate bond issuer had printed a new deal with a tenor longer than 12 years. However, that changed on Wednesday when French water and waste company, Suez Environnement pushed through to 15 years with a €500m trade.

The UK-based global mining company Anglo American recently returned to investment grade after over 18 months with a junk bond rating. On Wednesday it announced it would tender for four of its shorter dated bonds and priced a new eight year benchmark deal.

Austria, defying any concerns about the normalisation of monetary policy, launched the first ever 100 year syndication in Europe on Tuesday, exciting investors with a 2.112% yield.

Austria has become the first eurozone sovereign to syndicate a 100 year bond, selling €3.5bn to investors desperate to pile cash into ultra-long paper.

Monday saw five new corporate bond issues in Europe, but Ahold Delhaize was the only issuer to price a deal on Tuesday. Unlike the triple-B rated issuers on Monday however, the Dutch food retailer paid a single digit new issue premium.

Austria has picked banks for a five year bond to be launched on Tuesday, but may also extend its curve to 100 years.