Europe
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The prospect of a far-right leader becoming president of France rocked government bond markets this week. It led to a rare pulled French agency deal and will cause the country’s banks problems with their own huge funding needs. But as other issuers in eurozone countries facing elections showed, the picture of the risks ahead is complicated. Craig McGlashan reports. -
The Russian bond market revival continued this week as Alfa-Bank issued a rare eurorouble note and Severstal announced plans for a global roadshow.
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While the French presidential race put many eurozone issuers under pressure this week, some found the conditions ideal, locking in low rates while they could.
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Equity-linked bond issuance, lagging behind demand in Europe, showed a burst of vigour on Thursday with the launch of three deals, including substantial convertibles for Vinci and Severstal that were both eagerly received.
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See how market participants rated Ontario's $2.5bn five year and FADE's €1bn March 2022 bond.
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A triumvirate of covered bond issuers from Denmark and Norway enjoyed stellar demand for their euro covered bond benchmarks this week.
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Fears of a far-right win in the French presidential election have left the country’s banks in a tricky position. They need to raise large amounts of non-preferred senior bonds this year but, with spreads so volatile, any attempt to do so is likely to be fraught with risk and expensive.
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Latvia became the first Baltic state to issue a 30 year bond as part of a €650m dual tranche transaction this week.
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