Europe
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After several months without any long end dollar benchmark bonds from public sector issuers, two came along at once this week — bolstering confidence that conditions are right for a borrower to print in jumbo size in the tenor for the first time in more than two years. -
In mid-2013, when the Federal Reserve started to reduce the rate at which it was buying bonds through its quantitative easing programme, bond investors panicked and a sharp sell off ensued. While the US bond market eventually realised the stimulus was no longer needed, that the US economy was expanding without it, and that tapering was the right decision by the then Fed chairman Ben Bernanke, it was a volatile six months.
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A benchmark deal from 2i Rete Gas, rated Baa2/BBB, was not in the same league as the storming transactions the corporate bond market saw on Monday. Those involved felt they were a day late arriving at the party.
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Wind Tre, the Italian telecoms group, delivered Europe's largest ever high yield bond issue this week, a €7.3bn deal that has raised the bar for the market and led to expectations that more sponsors will follow suit amid heady investor demand.
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The votes are in and the scores have been calculated. Two European borrowers brought benchmarks to market last week and the BondMarker voters have rendered their verdict.
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Equity volatility has threatened a comeback in the past week as markets prepared for the European Central Bank meeting on Thursday. But after the ECB performed within market expectations, announcing a 50% reduction in its bond buying programme, fear gauges settled down once again.
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Floating rate investors were not left behind in Monday’s glut of issuance. RCI Banque, the Baa1/BBB rated car financing subsidiary of Renault, brought a seven year floater, sized at €500m no-grow.
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Public sector borrowers are flocking to the green bond market, dominating the upcoming SSA pipeline as the year draws to a close.
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Just three months after Nestlé last extended its corporate bond curve, the Swiss food group was back in the market. Last Friday it pushed its range of maturities even further out.
