Euro

The brace of deals printed last week proved evenly matched under the scrutiny of the GC BondMarker voters.

As borrowers prepare to launch into their second quarter funding programmes, an unusual amount of attention is clustering around the shorter end of the euro curve.

Instituto de Crédito Oficial brought some rare short dated euro paper this week and was able to rely on heavy support outside the bank community — despite some people on and off the deal expecting banks to buy the deal in bulk.

A flurry of activity in the market for socially responsible investments shows no sign of letting up, with two borrowers set to make their debut next week and two more waiting in the wings.

The euro market looks set to swing back into full action next week as borrowers launch into their second quarter funding requirements, with an unusual amount of attention clustering around shorter maturities.

CPPIB Capital is looking to step across the Atlantic into euros, selecting four banks to roadshow its euro debut. Elsewhere, the European Financial Stability Facility (EFSF) sent out its first request for proposals for the second quarter.

With a quiet market, a deal from Monday struggling in secondaries and the UK triggering Article 50 of the Lisbon Treaty, one could be forgiven for thinking that conditions for public sector borrowers are grim this week, but SSA bankers claimed otherwise.

China Huiyuan Juice Group has sealed a slightly larger than planned syndicated loan of €160m with four banks. A few more lenders are still set to join, which will further bump up the fundraising, according to a source.

The Autonomous Community of Madrid has announced that it will sell its first ever sustainability bond, joining the flock of borrowers landing in the socially responsible investment (SRI) market as the first quarter of 2017 draws to a close.

Automobile parts maker Zhongding Hong Kong has wrapped up its latest syndicated loan at €200m ($217m), higher than the launch size of €150m, as 14 lenders chipped in.

Investment grade Chinese issuers are lowering their costs of funding in the euro bond market as the region’s liquidity improves, while the door also remains open to high yield issuers with operations in Europe, according to panellists speaking at the China DCM summit in Beijing last Thursday.

This week's funding scorecard looks at the progress French agencies have made in their funding progress so far this year.