Euro
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Corporate bond syndicate managers have been surprised and disappointed that the pace of issuance evident at the start of the week has not continued, but the existence of a material pipeline for the first time this year is giving them some cause for optimism. -
The euro SSA market is returning to a more aggressive pace of issuance after a slackening in tempo last week. Two borrowers raised a combined €3bn on Wednesday and another pair are set to print on Thursday.
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Spain’s first trip to the long end of the curve in almost two years met with an overwhelming response, as the sovereign received one of the largest books ever for a 30 year bond.
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French issuers ALD and Mercialys continued the triple-B theme of the week in the investment grade corporate bond market when the pair announced new deals on Tuesday. These followed three BBB+ rated credits on Monday.
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Spain has picked banks for its second deal of the year, looking towards the long end of the curve for the first time since May 2016.
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For the first day this year since January 10, investors had a choice of three benchmark new issues in the investment grade corporate bond market. All three issuers were BBB+ rated, but the variety of tenors and spreads meant none of the deals were directly competing. However, new issue premiums have increased after the recent bout of volatility.
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French property company Icade saw the announcement that the 2024 Olympic Games will be held in Paris as a positive for its portfolio in the French capital. On Monday it sold its fourth corporate bond in two years, creating a steady redemption profile beyond the date of the Games.
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In July 2017, German property company Grand City Properties announced a tender of its 2021 bonds alongside a new nine year issue. On Monday it repeated the process, offering to buy what remained of the 2021 bond it didn’t buy in July and adding a tender for its 0.25% 2022 convertible bonds.
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The Autonomous Community of Madrid this week made a triumphant second visit to the socially responsible investment (SRI) market as it printed a deal double the size of its debut last year. Further issuance from the borrower — in conventional and SRI format — is likely to come soon, although in private placement (PP) format. But there may be further SRI issuance from some of Madrid’s Spanish peers.
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The State of North Rhine-Westphalia showed that the euro long end is open for core SSAs despite wider market volatility on Thursday, but there was a more testing time for Greece in secondary.
