Euro
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The euro market sprang to life in earnest this week, producing three well-received benchmarks but, given a risk-laden backdrop and monetary policy outlook, some SSA bankers are surprised to see investors so eager to put their cash to work. -
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A pair of issuers sold high quality euro deals into an eager market on Wednesday, drawing praise from onlookers for impressive books.
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The European Financial Stability Facility (EFSF) picked up €2bn with a 23 year bond on Tuesday, paving the way for other top-flight borrowers to bring their own euro deals.
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This week's funding scorecard looks at the progress French agencies have made in their funding programmes as we move away from the summer lull.
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Two holidays and September’s European Central Bank meeting will mean the next two weeks will offer short windows for issuance, but the success of the two deals that priced this week will inspire corporate bond issuers looking at the market.
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LafargeHolcim on Tuesday became the first issuer for nearly two weeks to launch a corporate bond in Europe. The €750m 12 year deal received strong demand, with order books more than three times subscribed.
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Three public sector issuers brought euro deals this week, looking to get the long dated trades in, which the euro market has been the best place for, before a European Central Bank (ECB) meeting on September 7 where the central bank could hint at tapering quantitative easing. Some SSA bankers feel other borrowers should follow suit but are resisting, although that view is far from universal.
