Europe
-
-
-
LafargeHolcim on Tuesday became the first issuer for nearly two weeks to launch a corporate bond in Europe. The €750m 12 year deal received strong demand, with order books more than three times subscribed. -
-
The SSA market leapt into life this week with multiple benchmarks hitting screens. While the backdrop was supportive, the narrow pick-up offered over US Treasuries appeared to be stunting demand.
-
Two deals were priced this week in the European corporate bond market, and next week already looks busier. With a roadshow under way and four others coming up, the window before September’s European Central Bank meeting looks full.
-
Since the European Central Bank commenced its quantitative easing programmes in 2009 investors have been complaining about the smaller allocations of bonds they have been receiving in new issues. This has been felt most acutely since corporate bonds were included in the programme from March 2016.
-
European corporate bond investors had only one corporate bond deal to consider in August before LafargeHolcim brought its €750m 12 year deal on Tuesday. But that lean period looks to be over as ISS Global followed with a €600m 10 year transaction on Wednesday.
-
Outside observers may have been surprised to see European bond markets reopen after a short summer break this week. However, those involved in the market thought it a sensible move, write Nigel Owen, Craig McGlashan and Tyler Davies.
-
The covered bond market has stayed open through August but it could get busier next week as issuers ready themselves for new deals ahead of the European Central Bank’s next meeting in September.
-
As the SSA market returns to life, two big name borrowers produced trades at the short end of the curve that underwhelmed some onlookers, prompting some syndicate bankers to speculate that there may be more fertile pastures further out the curve.
-
Sovereign issuers could take up the mantle of public sector issuance next week, with bankers expecting some government bonds to come amid a busy euro market.
