Europe
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The euro public sector bond market kicked off in style this week as investors put cash to work following a lack of supply in the fourth quarter of 2019, fuelling record book sizes and minimal concessions.
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Foreign and domestic banks flocked to the UK this week as they sought to take advantage of stellar funding conditions in the sterling market. Bankers said this was the first chance issuers had to benefit from opportunities in the currency following December’s general election, which removed a lot of short-term uncertainty around Brexit.
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The public sector debt market has had a superb start to 2020, breaking records right and left in defiance of geopolitical tensions that, in previous years, would have scuppered the market as it left the dock, writes Lewis McLellan.
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Norwegian oil exploration and production company Aker BP took advantage of its second investment grade rating, out of three, received in November, to position itself as an investment grade issuer and print a dual tranche five and 10 year deal this week.
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Portugal will likely examine the issuance of green bonds following the re-election in October of the country’s socialist party who are focused on sustainability, according to the head of the Portuguese debt management office.
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RBC Capital Markets is beefing up financial sponsors, aiming to boost its European business during 2020, writes David Rothnie.