Euro
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Engie, the French energy utility, priced its second green bond transaction of 2017 on Tuesday. The middle tranche of its three tranche offering extended the issuer’s green bond curve, however the longest tranche was not sold as a green bond. -
Oesterreichische Kontrollbank is the only public sector issuer on screens for Tuesday business in either euros or dollars, with supply in the latter likely to be dampened this week due to a crucial US Federal Reserve meeting.
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September has seen a variety of issuers access the corporate bond market. From regular issuers to those who have not issued for over a decade, the consistent theme has been single digit new issue premiums for what one syndicate manager described as “manageable deal sizes.” Monday saw new issues in a similar vein.
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Eleven benchmark corporate bond deals were priced in Europe this week, but even more are in the pipeline. Syndicate managers expect conditions to remain favourable for issuance in both euros and sterling.
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Guarantor: Financial Market Stabilisation Fund of the Federal Republic of Germany
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Two high quality euro borrowers printed what may be among their last benchmarks of the year this week, squeezing new issue premiums flat to the curve as investors filled their boots.
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Austria's 100 year bond, priced on Tuesday, highlighted just how far investors will go — and in their droves — to earn a bit of yield, with even the imminent threat of rising rates in euros unable to deter them from placing orders more than three times the size of a deal that was by no means measly. Lewis McLellan reports.
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On Monday, Japanese brewer Asahi Group brought the fourth European bond issue by a beer producer in Europe in 2017, having roadshowed its debut euro bond the previous week.
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Since the market returned from its summer break, no corporate bond issuer had printed a new deal with a tenor longer than 12 years before Wednesday. However, on Wednesday French water and waste company Suez Environnement pushed through to 15 years with a €500m trade.
