France
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The week began with that rarest of things in recent times, a welcoming political backdrop. It was marred, however, by monetary policy meetings from the two most important central banks in the world. While the US Federal Reserve’s second rate hike of the year was a foregone conclusion, it caused the dollar curve to flatten still further, making the euro market even more fertile funding territory than it has been for SSAs. But even so, euros had its own struggles this week, facing what one head of SSA syndicate called “one of the most important and unpredictable European Central Bank meetings for a long time”. Lewis McLellan reports. -
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KommuneKredit will hit the road next week to talk up a new green bond, while a fellow Nordic issuer is looking to enter the social bond market — although not for some time yet.
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The return to health of the investment grade corporate bond market has been a path carefully trodden one step at a time. French electrical components manufacturer Schneider printed a successful nine year new issue on Wednesday, following corporate deals with eight and seven year tenors on the previous days of the week, but the lack of other supply surprised some bankers.
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The Paris IPO of Delachaux Group, the French maker of railway equipment, has been called off after CVC agreed to sell its stake in the company to Caisse de dépôt et placement du Québec (CDPQ) for an undisclosed price.
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A French agency hit the short end of the euro market on Wednesday in what is likely the final SSA euro benchmark ahead of the European Central Bank’s meeting on Thursday.
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Several of the earliest Euro private placements (PPs) will mature in the fourth quarter of 2018 and the first few quarters of 2019. But as the pricing for those notes looks very attractive to investors, the prospects of early refinancings are limited.
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The return to health of the investment grade corporate bond market has been a carefully trodden path, one step at a time. On Wednesday, French electrical components manufacturer Schneider printed a successful nine year new issue, following corporate deals with eight and seven year tenors on the previous days of the week.
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While borrowers crowded into the euro market on Tuesday, investors were reluctant to commit funds only two days ahead of a hotly anticipated European Central Bank meeting.
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Credit Suisse has hired Amin Ait Tayeb from Commerzbank for its DCM team.
