Euro
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After two days of no euro denominated corporate bond issuance, National Grid North America came with a rare corporate bond transaction on Wednesday. Pricing for the seven year deal moved in 25bp from the wide end of initial price thoughts (IPTs) in a trade that bankers away from the deal praised.
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Agence Française de Développement’s change to its banking licence will lead to it sell more private placements, according to Bokar Cherif, the head of the agency’s treasury. -
Italian toll road operator, Atlantia, was the only issuer in the euro corporate bond market on Thursday. The €1bn 10 year deal could be used to finance Atlantia’s proposed acquisition of its Spanish rival Abertis.
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Annington Homes, the Terra Firma-owned group that owns the UK Ministry of Defence’s estate for accommodating service families, dazzled the corporate bond market with the second largest sterling issue by a company ever on Wednesday, despite the complexity of its financing story. Nigel Owen reports.
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The long end of euro government bond curves appear to have regained their health once more after a wobble last week when comments from European Central Bank president Mario Draghi were thought to signal that quantitative easing would end sooner than expected.
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The European Financial Stability Facility on Tuesday enjoyed the rare treat of bringing a dual tranche trade that garnered more interest for the longer than the shorter leg. That result surprised bankers away from the deal — but one of the leads said it may have been due to real money investors taking a punt that the end of eurozone quantitative easing is further off than some of their peers think.
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A sell-off in rates over the last few trading days should support the European Financial Stability Facility’s first trade of the third quarter, said bankers. The supranational mandated banks on Monday for a dual tranche trade in the belly and long end of the euro curve.
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The euro market showed its strength for SSA borrowers this week, as Agence Française de Développement succeeded in bringing a deal after requesting a change in its banking licence and KfW kept up its record of raising €5bn with every euro benchmark this year despite a volatile backdrop.
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