Euro
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Public sector issuers from the eurozone periphery this week drew big books on deals that later tightened in secondary trading, as expectations that Italy could be added to the long list of European elections this year failed to deter investors. -
Michigan’s Superior Industries International met a hesitant European high yield bond market on Monday, as it began offering its debut bond to fund its acquisition of German peer Uniwheels.
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Liberty Global’s UPC Holding locked in a coupon of below 4% for a 12 year bond, the longest maturity for a new deal in the European high yield market so far this year.
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Eurozone issuers crammed into the euro market on Wednesday ahead of a European Central Bank meeting.
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A pair of eurozone periphery SSAs are tackling opposite ends of the euro curve this week. Italy will launch a 30 year benchmark on Wednesday, while a Spanish agency drew a doubly subscribed book for a three year.
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Four public sector borrowers will launch euro bonds on Wednesday, having announced deals throughout the curve ahead of this week’s European Central Bank meeting.
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A European Central Bank meeting on Thursday — coupled with a Monday holiday across much of Europe — has stifled public sector euro issuance. But at least one trade is expected later this week, from the European Stability Mechanism.
