Europe
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Lukoil capped another busy week for Russian borrowers with a tightly priced dollar 10 year that was the largest corporate bond from the jurisdiction for more than six months.
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Slovenia saw strong demand on Wednesday for both parts of its third combined euro bond sale and dollar buy-back this year.
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The demand for duration reached fever pitch this week as Austria sold the longest dated eurozone government bond ever and a trio of other public sector borrowers printed their longest dated syndications to date. But that momentum towards length may have been halted by a shuddering sell-off in eurozone and other government bonds on Thursday.
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Amid rough going for new IPOs this week, one of this year’s star IPO performers, Maisons du Monde, was back in the market on Wednesday night as the global coordinators waived the lock-up to let the leading shareholders make their first block trade in the stock. Thursday brought a substantial trade in Ferrexpo, which owns iron mines in Ukraine, which got done, though at a slightly reduced size. -
Portugal has retained its investment grade rating from DBRS, meaning that it remains eligible for purchase under the ECB's asset purchase programme.
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Crédit Agricole issed a rare €500m 10 year public sector Obligations Foncières this week that was priced at the tightest spread for a French covered bond in more than a year and was the most highly subscribed in more than 18 months.
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Bellevue Asset Management has announced the IPO of a new long-only investment trust on the London Stock Exchange, despite the string of UK listings abandoned in recent weeks.
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Total loss absorbing capacity-eligible callable deals issued in euros this week by Morgan Stanley and last week by Goldman Sachs could herald the future for bank senior unsecured paper. But regulatory clarity will be needed before it is possible to see whether European banks can follow suit, writes Bill Thornhill.
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The UK Debt Management Office laid down a strong marker for its host country with a super smooth syndication on Tuesday that attracted a strong showing from international investors and a record book.
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Pub group Enterprise Inns on Monday and mortgage lender Together on Wednesday launched their new sterling offerings amid growing instability in the market after Daisy, the UK telecom services supplier, pulled its deal last Friday.
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SNCF Réseau printed its first ever green bond on Thursday, becoming the first Eurozone railway company to sell a green bond. It was joined in the socially responsible investment market by a vaccine bond from IFFIm.
