Euro

French commercial property company Carmila returned to the investment grade bond market after two years away and received a positive response from investors for its longest maturity to date.

Before 2017, US crowd services provider Equinix had not issued a bond in euros. But it has now visited the European high yield market three times, having completed its latest deal on Wednesday.

Books for the Republic of Slovenia’s triple tranche euro bond tap were in excess of €3.6bn by lunchtime on Wednesday, with final spreads having been set for each clip. The deal is part of a liability management exercise that swaps out short dated dollar debt for longer euro denominated paper.

Seven investment grade corporate deals in the first three days of this week kept investors busy doing their credit work, but the lack of new issue volume has left investors still hungry for more.

Three public sector borrowers hit screens in euros on Tuesday, taking advantage of a hot market to offer zero or limited new issue premiums.

Five new investment grade corporate bond deals were priced on Tuesday and, while pricing was competitive, none of the issuers allowed for any growth in the size of the deals as all five used a no-grow strategy.

Bank of China, Industrial and Commercial Bank of China and Industrial Bank Co have raised close to $3.7bn from eight fixed and floating rate tranches in three currencies. But most of the portions had to offer a new issue premium, which ranged from a few basis points to as much as 15bp.

The Kingdom of Belgium hit the market on Monday with its long awaited first green OLO. The sovereign received strong demand for the deal, tightening its spread by 3bp and pulling in a book of €12.7bn.

The European Union’s upcoming April 2033 euro benchmark may have to offer a little more premium than usual if it wants to match a similar trade from the European Investment Bank last week and attract strong French demand, said bankers away from the mandate. Other euro supply in the pipe includes CPPIB Capital — also with a 2033 issue — and Rentenbank in sevens.

French electrical equipment manufacturer Legrand used the same no-grow approach as on its previous two deals for the only new issue in the investment grade corporate bond market on Monday.

Asia’s debt market is heading into March at full speed with seven issuers opening new deals on Monday. Borrowers need to be quick on their feet and act promptly over the next month to get their bonds past the finish line, said bankers in the region.

The Kingdom of Belgium’s first green bond will be launched next week following a two week roadshow.