Europe
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Amundi’s IPO has found a favourable reception in investor education, the company’s CEO, Yves Perrier, said today. -
Iren, the newly rated northern Italian utility company, sailed through another day of low issuance on Monday, drawing in a €3.4bn order book for a €500m bond.
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Autoroutes Paris-Rhin-Rhône, the French motorways group, won a €4.9bn order book for a €500m eight year no-grow bond issue on Thursday, as investors returned in force to the primary market.
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Three issuers launched covered bond benchmarks in euros this week, down from nine in the previous week, as borrowers anticipated an improvement in market conditions and lower new issue concessions.
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Eurogrid, the German electricity grid operator, swept through the primary bond market at pace on Tuesday with an €880m dual tranche issue that showed there was life in the long dated market.
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Western Power Distribution, the UK electricity distribution network operator, kept the sterling corporate bond market’s run of form going on Wednesday with a £500m eight year issue.
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Just two and a half years after receiving a €10bn bailout from the Troika, Republic of Cyprus proved its capital markets rehabilitation is complete on Tuesday, by issuing a rare €1bn combined syndication and switch offer, writes Virginia Furness.
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As overall credit market liquidity has eroded, total return swaps (TRS) are providing an alternative for market participants to access or hedge their corporate bond exposure, according to financial information services provider Markit.
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Autoroutes Paris-Rhin-Rhône, the French motorways group, won a €4.9bn order book for a €500m eight year no-grow bond issue on Thursday, as investors returned in force to the primary market.
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