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Three CEEMEA issuers are embarking on roadshows — the Arab Republic of Egypt, Sharjah Islamic Bank and Kazmunaygaz. -
US beauty retailer Coty announced pricing at the wide end of guidance for its $2.45bn-equivalent of new leveraged loans on Thursday, while reaching the end of the roadshow for $2bn-equivalent of new high yield bonds.
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Volatility from several sources has driven investors into core govvie products, causing curves to rally. Only one issuer was positioned to reap the benefits.
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France’s inflation linked bond issue on Wednesday drew the nation's largest book ever for a linker bond, in spite of a curve squeezed tight by volatility.
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France announced on Tuesday that it will come to market for an 18 year inflation linked benchmark, making the most of a pre-Easter lull in issuance.
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The supply overhang from last week still appears to be casting a shadow on both primary and secondary IG corporate bond markets. The handful of deals that launched on Monday were priced, but not with widespread success. Easter can’t come soon enough for most market participants.
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French food company Danone received a strong response on Monday when it sold its inaugural social bond, the first from a corporate issuer since the social bond principles were set out by the International Capital Market Association in June 2017.
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Finnish telecoms company DNA braved choppy conditions this week with a new €250m seven year bond to fund its tender offer for bonds due in 2018 and 2021 following a roadshow.
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Spanish utility Iberdrola had significant success with its debut green hybrid bond in November when it received €3.2bn of orders. However, its second such bond failed to tighten from initial price thoughts when it was issued this week.
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As the final week of the quarter approaches, credit markets are limping towards the Easter break, in need of respite after three months of heavy issuance punctuated by flares of volatility. Nigel Owen reports.
