Euro
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The euro market is providing borrowers with superb execution — KfW gathered its largest ever book for a 10 year on Tuesday — but investors are requiring healthy new issue concessions in order to commit. -
January’s impressive pipeline of sovereign issuance is starting to unload, as Italy and Portugal hit screens on Tuesday for their first syndications of the year.
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Italian electricity supplier Enel sold its second green bond on Tuesday, repeating the timing of its first such offering in 2017, which it also sold in the second week of the year. The latest deal was the same size, but priced tighter and won a larger order book, despite printing with a longer maturity.
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The world's largest brewer Anheuser-Busch InBev’s last visit to the euro bond market was to help finance its $107bn acquisition of SAB Miller in 2016 and on Tuesday the issuer returned with a smaller offering that investors were still thirsty for.
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The United Mexican States has released price guidance on its first euro bond for over a year.
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French telecoms operator Orange sold a new 12 year trade on Tuesday and paid a low new issue premium for the €1bn deal. The deal was one of three that priced on Tuesday, but only seven new issues for the year so far, meaning investors are keen to put their money to work.
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KfW and Dexia Crédit Local are first out the blocks in what looks set to be a busy euro market for public sector borrowers this week.
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Vonovia, Germany’s largest housing association, may have sold the primary market's only investment grade corporate bond on Monday but as its order books showed, conditions remain very receptive for issuance.
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Bank Nederlandse Gemeenten fell victim to a volatile Bund curve and crowded pipeline, falling short of its hopes with its first deal of the year.
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Corporate bond market participants show little sign of caring about the end of European quantitative easing and the danger that presents to their market — which has arguably been the sector most affected by the policy. Nigel Owen reports.
