Euro
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The European Financial Stability Facility on Wednesday sent a request for proposals for its deal window next week, with bankers saying that the supranational has a wide variety of options. The trade is likely to receive a big welcome in a hot euro market, as evidenced by an impressive Unédic trade on Wednesday — dubbed a “cracker” by bankers away from the deal — and equally strong euro deals a day earlier. -
European corporate bond investors had only had one corporate bond deal to consider in August before LafargeHolcim brought its €750m 12 year deal on Tuesday. But that lean period looks to be over as ISS Global followed with a €600m 10 year transaction on Wednesday.
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Nederlandse Waterschapsbank brought some supply to the sparse long end of the SRI market on Tuesday, printing a trade that alongside Rentenbank was part of a strong re-emergence of euro supply after the summer.
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On Tuesday LafargeHolcim became the first issuer for nearly two weeks to launch a corporate bond in Europe. The €750m 12 year deal received strong demand, which may lead other issuers to bring forward their plans.
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The euro market for public sector borrowers appears to be fully reopening after the summer break, with a pair of issuers bringing mandates in very different tenors. Both trades are likely to benefit from the lack of supply over the last few weeks, said bankers.
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European corporate bond market participants are expecting supply to start again after the UK bank holiday on August 28. Kimberly-Clark was the first issuer into the pipeline when it announced a European roadshow on Monday morning.
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The minutes of the European Central Bank's (ECB) July meeting revealed a new and optimistic tone on inflation, but caution on relaxing its accommodative measures.
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FMS Wertmanagement has printed its third deal of the summer, scooping up €1bn of short dated euro paper with an opportunistic trade.
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FMS Wertmanagement is set to dip into the market for the third time this summer, as it seeks to meet an increased funding target for the year.
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Public sector bond supply this week is so far thin on the ground, despite conditions calming after fears of a conflict between the US and North Korea fell. The only supply on Monday came from a German issuer, despite some analysts pointing to a “mild risk-on tone” in eurozone debt markets.
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British American Tobacco’s $21bn-equivalent raid on corporate bond markets either side of the Atlantic took all the headlines this week, but while it was the only story in Europe, the US market saw plenty of other deals.
