Euro
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LafargeHolcim on Tuesday became the first issuer for nearly two weeks to launch a corporate bond in Europe. The €750m 12 year deal received strong demand, with order books more than three times subscribed. -
Three public sector issuers brought euro deals this week, looking to get the long dated trades in, which the euro market has been the best place for, before a European Central Bank (ECB) meeting on September 7 where the central bank could hint at tapering quantitative easing. Some SSA bankers feel other borrowers should follow suit but are resisting, although that view is far from universal.
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Sovereign issuers could take up the mantle of public sector issuance next week, with bankers expecting some government bonds to come amid a busy euro market.
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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.
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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.
