Germany
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Emmanuel Macron’s election as French president last weekend was the catalyst for a flood of revved up euro deals this week, with issuers and investors aiming at the long end of the curve as the biggest known political risk in Europe this year passed with a market-friendly outcome. Craig McGlashan reports. -
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The SRI bond pipeline for public sector borrowers looks fit to burst, with a string of issuers planning deals and KfW setting a marker with a thumping trade this week.
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Public sector borrowers in the euro market on Thursday focused their attentions on the long end of the curve, but not every trade made it to full subscription.
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The European Union has issued its first ever Schuldschein, and may issue further such deals.
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A recent improvement in the prices that shipping companies command may have come too late for bondholders of Rickmers, the 183 year-old Hamburg shipping company. They are set to endure losses as the borrower attempts to make it to 184.
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The European Financial Stability Facility has sent requests for proposals for a trade next week, as a pair of rare issuers on Wednesday placed deals flat to or through fair value in a euro market buoyed by Emmanuel Macron’s election as French president last weekend. Longer dated trades — of which the EFSF has sold several this year — also look to be back on the table for borrowers.
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Aroundtown Property Holdings, the Germany-focused property company, raised €426m on Tuesday evening to finance a tender offer for convertible bonds due in 2020, via a popular block trade that was covered in 45 minutes.
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Commerzbank has beaten profit expectations in the first quarter, thanks to strong results in its capital markets and securities, but it remains dogged by its poor quality shipping portfolio, and restructuring efforts.
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KfW has sold the largest ever new green bond issue from a supranational or European agency, printing flat to its curve with a green deal for the first time and drawing a remarkably high level of Asian investor interest for a euro trade. More SRI issuance is on the way, after Dutch agency FMO announced a sustainability bond roadshow.
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Bpifrance Financement broke its size record on Tuesday, nipping back into capital markets ahead of several of its compatriots, according to a funding official at the issuer. The European Investment Bank (EIB) and NRW.Bank also made the most of the stable conditions, printing their own benchmarks.
