Europe
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The public sector market for euro paper is providing superb execution for those borrowers that still have needs in the currency — but those are few and far between. -
The trend for corporate issuers in Europe in 2017 has been to sell bonds with longer tenors. However, among this week’s deals were three short dated floating rate notes, which all garnered huge demand.
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Banks have ramped up their use of green senior bonds in the fourth quarter of 2017, with many of their latest offerings sporting fantastic results in terms of pricing. But, as Tyler Davies reports, European financial institutions have yet to mix the principles of green finance with the tenets of bank capital — an experiment that could be even more beneficial for everyone involved in the growing green bond market.
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Barclays sold its first green bond transaction this week — a callable senior deal from its holding company — as two more financial institutions said that they would hit the road with new green bond frameworks of their own.
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In recent months Swiss food group Nestlé has extended its euro corporate bond curve with some of its largest ever deals, after it started a Sfr20bn share buy-back programme in July. However, on Thursday it printed its third Eurodollar deal of 2017.
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The sterling corporate bond market took until Wednesday to join the issuance frenzy the euro market had enjoyed in the first half of the week, but three deals in two days reminded issuers and investors that it is still an option to be considered into the end of 2017.
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The UK Debt Management Office has broken its record book size yet again and brought in a new high of 144 investors with a deal that amazed bankers away from the trade.
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More socially responsible investment paper from public sector issuers keeps arriving on screens, but despite the deluge, borrowers are still managing super-tight spreads and selling healthily subscribed deals. And there’s still more to come.
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Demand is so hot in Europe's corporate bond market, that with pricing being driven to ever tighter levels, bankers are beginning to believe the rally is self-sustaining, and would continue even without European Central Bank (ECB) support, writes Nigel Owen.
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The “majority of top-tier US and European swap dealers” have signed up to receive International Securities Identification Numbers (ISINs), the Derivatives Service Bureau announced on Thursday. The rapid uptake “is ahead of original expectations”, the DSB added.
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The European high yield bond pipeline was stuffed with an array of mainly sub-benchmark deals this week, after issuance volume hit a historic high.
