Goldman Sachs
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Bank Nederlandse Gemeenten hit screens for its first euro benchmark of the year on Wednesday. The deal will be closely watched by the market as an important reference for what the environment looks like for the smaller euro public sector borrowers in 2019. -
The party in Chinese high yield real estate bonds continued this week, with China Aoyuan Group, Zhenro Properties and Yuzhou Properties taking home $1.15bn between them on Tuesday.
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SNCF Réseau paid a significant new issue premium for its first benchmark green bond since 2017 on Monday. The European Investment Bank will issue its own 10 year euro bond on Tuesday, following trades in sterling and dollars earlier in the year.
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IPO-hopefuls Metropolis Healthcare and Polycab India, a wire and cable manufacturer, are set to begin pre-marketing this month, according to a source close to the deals.
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Public sector dollar issuance has had a slower start to the year than usual — in part because of super strong conditions in other currencies — but SSA bankers are confident the strength of the deals that did come this week will boost the pipeline.
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There has been precious little cheer in the dollar market but Anheuser Busch Inbev (AB InBev) provided some on Thursday when it printed the biggest corporate investment grade trade since October amid signs of improving sentiment.
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The public sector euro market’s thundering start to the year stayed noisy on Thursday as a quartet of smaller issuers from across the continent printed oversubscribed deals.
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Israel rounded out an immensely successful opening week of 2019 for emerging market sovereign bond issues with its largest deal ever. The borrower raised €2.5bn of 10 and 30 year debt, pushing out its curve and printing at its tightest ever spread for a euro deal.
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Appetite for eurozone sovereigns is showing no signs of slowing down after Ireland and Portugal joined Belgium this week in scoring their largest ever syndication order books. Several other borrowers sold euro trades on Wednesday, with more supply expected this week as the pipeline has “accelerated” ahead of next week’s parliamentary vote on the UK’s Brexit deal.
