Euro
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New deals marketed this week by US borrowers Owens-Illinois and Federal-Mogul pushed reverse Yankee issuance to 25% of the €22bn of euro high yield issuance so far in 2017. -
The European Investment Bank and KfW on Wednesday tapped the long end amid an otherwise quiet euro market.
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SNCF Réseau on Wednesday printed at the upper end of its size expectations with its second ever green bond, while the International Finance Corporation looked at the possibility of printing in the green format over the next three months.
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The socially responsible bond pipeline ballooned on Tuesday, with a European supranational announcing a roadshow for a debut issue, a French agency mandating for a deal and a Washington supranational pricing a social bond in benchmark size for the first time.
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Unédic launched a 10 year benchmark on Tuesday. The deal came in the wake of a televised debate between the French presidential candidates that appeared to restore investors’ confidence in French names, according to an SSA syndicate banker at one of the leads.
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Buoyed by relief following a Dutch election in which Eurosceptic Geert Wilders’ hopes of forming a government were dashed, public sector borrowers are flocking back to capital markets.
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A pair of public sector borrowers are set to bring socially responsible bonds this week, with one aiming at the dollar short end and the other at the long end of the euro curve.
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SNCF Réseau is set to bring its second green bond after mandating banks for a Reg S euro benchmark deal on Friday.
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The SSA market is “breathing a sigh of relief”, according to one SSA syndicate banker, as this week's hotly anticipated Netherlands election produced the result capital markets bankers were hoping for.
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Poland played a smart hand on Thursday to lock in €1.5bn of funding in the midst of a healthy risk-on market, but with risk events on the horizon, Poland’s deputy finance minister told GlobalCapital he was happy to be on the “safe side”.
