Europe
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The State of North-Rhine Westphalia sold its first century bond on Thursday via the private placement market, and is open to the possibility of bringing a syndicated deal in the tenor. -
Crédit Agricole Italia took 50% more covered bond funding than it had expected on Friday after being swamped with demand for a new eight year deal, while Banco BPI reopened the Portuguese covered bond market with a €500m transaction that received seven times as much interest from investors.
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In this round-up, trade talks between the United States and China continued, the Foreign Investment Law was passed by the National People’s Congress and the US urged Germany to ban Huawei
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Deutsche Telekom became the third blue chip company in a row to issue a multitranche bond with no new issue concession on Tuesday, after PepsiCo and McDonald’s had both pulled off the feat the day before.
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PepsiCo took one of its rare sips at the euro bond market on Monday, and was rewarded with two bonds, seen as priced flat to and through its curve.
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Ukraine drew attention for all the wrong reasons this week, tapping a November 2028 line for $350m, allegedly well below the market value.
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Ukraine courted controversy this week, turning to the private market to tap its November 2028 bond. The trade caught the attention of investors and bankers, with some saying that JP Morgan had retained the deal and priced it well below the market rate. Lewis McLellan reports.
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Lufthansa, the German airline, entered the Schuldschein market on Tuesday, only accepting orders from lenders bidding via online marketplace VC Trade. Participants are watching closely, to see whether investors will be persuaded to move into a digital world.
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The green bond market is still simply too small for its investors to be discerning.
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