Europe
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French construction company Vinci took advantage of a lull in supply and favourable financing conditions to make its long-awaited dollar market debut. -
It was a busy week for ING’s funding team, as they kicked off the quarter by issuing euro-denominated notes on Monday and a series of dollar bonds on Tuesday.
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UniCredit will seek to ensure it hits its 2019 financial targets before going ahead with a bid for Germany’s Commerzbank, if the latter’s talks with Deutsche Bank collapse.
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Smaller financial institution issuers have been welcomed back to the European bond market in recent weeks, after their hopes of raising deeply subordinated capital were dashed by turbulent market conditions in late 2018. But they are not taking chances this time, seeking comfort in using the support of just one investment bank rather than a group of bookrunners.
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Rating: Aa3/AA-/AA-
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Loxam, the France-based equipment rental company, refinanced a secured and subordinated high yield bond with a twin tranche new issue this week, cutting its funding costs, the spread between the tranches, and showing the strength of the bid for subordinated paper.
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Investors turned their attention to UBI Banca on Wednesday as it issued its debut green bond, sending a clear message about their demand for the product. Two other European banks are already set to follow in the Italian bank’s footsteps.
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Equity investors should double down on new listings in open trading to support their purchases. But according to many syndicate bankers, lots choose to sit on the sidelines instead, sometimes watching their investments plummet.
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A reverse enquiry was the catalyst behind KfW’s decision to print its first Swedish krona note of the year on Wednesday — one of the largest krona deals issued by the German agency.
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Two renewable energy companies achieved successful euro bond issues on Thursday. Norsk Hydro, the Norwegian aluminium and renewable energy firm, and ERG, the Italian wind energy group, issuing in green format, both tightened their prices and finished with plenty of over-subscription in their books.
