Goldman Sachs
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The Inter-American Development Bank had the primary dollar public sector bond market to itself on Friday as it raised funding as part of its response to the coronavirus pandemic. -
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Bank of America reopened the market for financial institution bonds in euros this week and was followed by a slew of other deals as investors welcomed wider spreads and new issue concessions.
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US companies have smashed the all time record for bond issuance this month, as they plundered the dollar market in a headlong dash for liquidity that continued on Thursday, even though a darker record was broken: 3.3m new unemployment claims, more than four times the previous highest.
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As the dust settles on a thunderous week in the European corporate bond market that saw enormous order books and fat new premiums squeezed to nothing in one case, investors and bankers united in joy that the market was not just open again, but bursting with vigour. Central banks and governments had saved the day, they argued. Only a few are worrying about another lurch downwards, though this is more than likely.
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The Inter-American Development Bank on Thursday started marketing a five year sustainable development bond in Global format as it looks to become third SSA borrower to jump into the dollar market this week. But SSA issuers that fund in euros will unlikely be able to mirror join the party.
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New issue concessions have tumbled in the high grade corporate bond market today. French industrial gases company Air Liquide has rewritten this week's rules by pricing a bond through its own curve on Thursday.
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Corporate borrowers are pumping out new bonds this week and on Thursday it was the turn of some of those worst hit by the Covid-19 pandemic, as investors have felt emboldened enough to look further down the credit curve each day this week. Aeroports de Paris is on screens, as investors credited central bank intervention with bolstering the market.
