Euro
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Rating: Baa2/BBB/BBB (Moody’s, S&P, Fitch)
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A supranational dollar deal ran away with April’s top spot in BondMarker, outstripping the rest of the table by a good margin and clocking in as the third most highly rated deal of the year. -
On Wednesday, US car manufacturer Ford’s finance arm followed its recent trend in using the euro corporate market to fund itself in floating rate note format. It kept its tenors short with a pair of FRNs, but found investors had a preference for the shorter option.
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German chemicals supplier Lanxess found a surprising lack of demand for its first bond issue since September 2016, which sent bankers scrambling to re-examine their plans for next week's burgeoning corporate pipeline. Lanxess's struggle comes as new issue premiums and how far deals tighten through the bookbuild are being increasingly scrutinised as the market begins to imagine life in the European corporate bond market without the safety net of quantitative easing. Nigel Owen reports.
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On Wednesday, German chemicals supplier Lanxess found a surprising lack of demand for its first corporate bond issue since September 2016. Onlookers suggested this is was not a good sign with a heavy pipeline building for future weeks.
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On Wednesday, US car manufacturer Ford’s finance arm followed its recent trend in using the euro corporate market to fund itself in floating rate note format. The company kept its tenors short with a pair of FRNs, but found investors had a preference the shorter option.
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Italy’s bonds took a hit on Wednesday afternoon after the country’s president Sergio Mattarella allowed the Five Star Movement and the Northern League — the best performing parties in the country’s general election in March — 24 hours to form a government before he appoints a non-partisan prime minister.
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Investors are confident Italian spreads will stabilise after the sovereign widened versus Germany over fears of a potential second general election of the year. There was some evidence of that on Wednesday morning as the country’s yields reversed some of their losses.
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The Dutch State Treasury Agency will clear its interest rate swaps at the clearing arm of German derivatives bourse Eurex, it was revealed on Tuesday.
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The US corporate bond market has enjoyed strong new issuance volumes in the last two weeks, while the European market has been much quieter. But in emerging from two weeks shortened by public holidays, Europe is preparing to close the gap.
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A solitary syndication from KfW broke the otherwise placid waters of the public sector debt market on Wednesday.
