Euro
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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. -
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.
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September is fast approaching, bringing with it one of the most hotly anticipated European Central Bank (ECB) meetings ever, but the central bank will do its utmost to avoid causing drama, say investors.
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FMS Wertmanagement has upped its funding requirement for 2017 by more than 50%, a move that is likely to gladden SSA bankers who are expecting a bunfight for mandates come late summer.
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British American Tobacco set fire to any notion that markets close in August this week with a $20.8bn bond bonanza. It brought a $17.25bn eight tranche deal on Tuesday — the second largest bond transaction of the year in the US — and followed that with a €3.6bn-equivalent four tranche dual currency deal in Europe on Wednesday. Nigel Owen reports.
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After bringing the second largest bond transaction of the year in the US on Tuesday, British American Tobacco topped up its borrowing with a €3.6bn-equivalent four tranche dual currency deal on Wednesday.
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The European Central Bank’s asset purchase programme is forcing down the yield on Italian debt, prompting Italian bank investors to reduce exposure to their sovereign’s paper.
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KfW raised €1bn with a tap of a September 2032 line on Monday, hitting screens early on Monday morning and taking advantage of a good window with a one day execution.
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British American Tobacco is expected to bring the week-long run without any new corporate bond issuance to an end later this week. The UK based tobacco company could issue in dollars, euros and sterling.
