Europe
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Signs emerged in the SSA market this week that not all SRI bonds are equally worthwhile as far as investors are concerned, particularly when market conditions are not ideal. A series of bonds with a green label went through with little difficulty but a pair of social bonds were undersubscribed. Craig McGlashan reports. -
An array of different banks let loose new senior unsecured bonds in euros this week, as the market held firm despite an escalation in global trade tensions that could derail the recent rally in risk assets.
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Outstanding bonds issued by supermarket Casino Guichard-Perrachon, and three construction credits, Astaldi, CMC Ravenna and Aldesa, were in the spotlight this week, after dropping to their lowest price yet in September.
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LafargeHolcim has returned to the Schuldschein market looking for €300m, across dollar and euro tranches, alongside raising long-dated US private placements.
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Banque Internationale à Luxembourg issued a senior non-preferred bond on Wednesday as it looked to boost buffers ahead of receiving its minimum requirements for own funds and eligible liabilities (MREL).
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There could be fewer inflation-linked issues in the corporate bond market under a new accounting rule that allows companies to hedge fixed rate bonds with inflation swaps.
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Rabobank and Bank of Ireland turned to the dollar market this week to issue senior bonds meeting their minimum requirements for own funds and eligible liabilities (MREL), after both did their first deals in the new format on the same day last month.
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French electricity grid operator Réseau de Transport d’Électricité this week took the record for the largest order book for a new 20 year corporate bond in style when it received €5.5bn of orders. The size of the demand was more than double the €2.3bn book, which had given the record to French tyre manufacturer Michelin three weeks before.
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Glencore, the Swiss mining and commodities company, has returned to the equity-linked market with a $125m tap of its non-dilutive convertible bonds due in March 2025, placed overnight on Wednesday evening.
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Phoenix Group Holdings and Groupama plumped for the rare bullet tier two structure with new capital trades this week, but the pair found mixed responses from investors.
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Credito Emiliano (Credem) is planning a series of fixed-income investor meetings from October 1 to reintroduce its soft bullet covered bond programme.
