Euro
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FMS Wertmanagement became on Thursday the first public sector borrower since June to print a euro benchmark with a maturity below five years. -
US music publisher Warner Music Group on Monday was alone in the European high yield market at the same time that Verallia, the French glass packaging maker, told investors it had cancelled its pay-if-you-can bond offering.
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Investment grade corporate issuers hit the euro bond markets in force on Tuesday with five primary transactions in play, but defensive deal sizes characterised the frantic flow.
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The European Stability Mechanism (ESM) and the Société de Financement Local (SFIL) sold benchmark debt to an increasingly welcoming market for euro-denominated paper on Tuesday.
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The European Stability Mechanism on Monday named four banks to lead manage a dual tranche syndication, expected to be priced on Tuesday.
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US based bond investors said that Argentina’s first euro-denominated bond issue for 15 years came too tight for them, as bankers said this was likely to be exactly what the sovereign had been looking for. However, the level also looked tight for yield-hungry European accounts, with the bonds trading down around a point on Thursday.
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It was all going so well for Italy. Its entry to the 50 year bond club on Tuesday pulled in a monstrous €18.5bn of orders. But almost immediately the bond became tradeable, the market frothed with talk of the European Central Bank tapering QE, sending Eurozone periphery bonds into a tailspin to remind everyone just how much markets are in the grip of central bank policy. Lewis McLellan reports.
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Auckland Council has selected a pair of banks to arrange a roadshow for a bond denominated in either euros or sterling.
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French agency Société de Financement Local will launch on Tuesday its first ever syndication.
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The UK government has lent its voice to the growing current of international opinion that expansive monetary policy has gone far enough, and may even be harming growth. Britain is set to embark on a fiscal stimulus, likely to be welcomed by financial markets.
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Kemi Adeosun, the finance minister of Nigeria, has attacked the “hypocrisy” of Western governments in stopping developing countries accessing development bank finance for coal power.
