Europe
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French car manufacturer Peugeot has been on a ratings rollercoaster in the last 10 years. On Friday, now back to the highest sub-investment grade ratings, the company sold its third seven year deal in three years. -
Second tier English football club Norwich City has announced plans to sell a mini-bond to build a new academy to help it develop the club’s younger players. The retail bond features an unusual kicker based on the club’s success and will use a platform co-founded by former Chelsea player and manager Gianluca Vialli.
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Gas supplier Air Liquide raised Rmb2.2bn ($347m) from its first Panda bond on March 6, becoming the first European issuer sell a bond with a maturity of longer than three years in the asset class.
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China Resources Land tapped the Panda bond market for the first time since July 2017, raising Rmb6bn ($945.6m). But few onshore investors who bought the three year bond looked at the trade as a real Panda, according to bankers on the deal.
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The low rates in Europe are making the euro high yield market an attractive option for US issuers like Belden, a St Louis-based manufacturer of telecoms equipment, which is launching a new euro bond to buy back old deals in euros and dollars. More US issuers are coming to euros, say bankers and investors.
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The restricted tier one (RT1) asset class is niche but popular with FIG investors, who showed their appreciation when Scor issued the first dollar version at a tight spread. Other insurers are watching closely as they work out how to manage their capital levels, writes Jasper Cox.
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The German State of North-Rhine Westphalia came to market this week with its fourth sustainability bond. The bond is the issuer’s largest ever, narrowly outstripping several €2bn bonds at €2.025bn.
