Euro
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Euro conditions are excellent for public sector borrowers, with Spain pulling in a nearly €30bn book for an €8bn 10 year — which bankers away from the trade said indicated a high presence of quality investors — and KfW raising €5bn after picking a seven year deal over a shorter tenor. Another pair of issuers are now looking to take advantage. -
Greece’s bond yields tumbled to their lowest levels in years after Moody’s upgraded the sovereign last week, and talk of a second market comeback is of the more optimistic kind than just a few months ago. But Greece’s government — which wants to return to bond issuance this year — and its creditors would do well to remember that we’ve been here before. As always, Greece will never enjoy a full market presence without some real debt relief.
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The euro market for public sector borrowers looks set to kick back into action after a quiet last week, with a pair of big borrowers mandating for trades to come on Tuesday.
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Ireland has printed just shy of the 50 year part of the euro curve using a pair of private placements, a market it has used with increasing frequency over the last year.
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US vehicle parts manufacturer Federal-Mogul cruised through its second fixed rate deal in the euro high yield market this week.
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Turk Eximbank, which wrapped up a €412m refinancing in March, has turned its attention to the Asian loan market for a fresh money €300m borrowing.
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Samvardhana Motherson Automotive Systems Group is seeking €300m from a seven year bullet.
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Market participants are clamouring for sovereigns to join France and enter the green bond market. It would likely help the market, but would it help the environment?
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Calls are growing louder for sovereigns to pull their weight and assume a leading role in the development of the green bond market. But, as was demonstrated at panels in Euromoney’s Global Borrowers & Bond Investors Forum this week, many of them are reluctant to take up the SRI baton, write Lewis McLellan and Sharon Kimathi.
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Though this week was expected to be something of a write-off for SSA issuance, thanks to Euromoney’s Global Borrowers & Bond Investors forum, a pair of issuers pulled off well-received transactions.
