HSBC
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Following the success of Engie’s green hybrid bond the previous week, the French energy company’s Portuguese peer, EDP, launched its own version on Wednesday. While EDP’s deal did not achieve quite the same demand or tight pricing, the result was still a good one. -
AC Energy raised $225m from the first public green dollar bond from the Philippines, a deal in line with its renewable energy-related ambitions.
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Investors swarmed to Johnson Electric Holdings’ maiden dollar bond transaction, allowing the borrower to raise $300m from a nearly six times oversubscribed deal at its peak.
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Three sterling deals hit the SSA market on Tuesday, bringing this year’s total volume to more than double last year’s and indicating that issuers and investors are yet to be put off by the confusion surrounding Brexit.
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Kier Group shares perked up by as much as 1.6% on Tuesday after the UK construction company said it had parted ways with its CEO following the completion of its troubled £264m rights issue.
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New issuance returned to the corporate bond market on Tuesday as Auchan and Vonovia attracted €8bn of demand for their new deals after two days without any trades. The new issuance spreads they paid differed markedly however.
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Belgium’s Solvay has signed a €2bn sustainability-linked revolving credit facility, as the chemicals company progresses with one of the most ambitious decarbonisation undertakings in its industry.
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Spain mandated banks on Monday for its first syndicated bond of the year, as it looks to replicate the success of other eurozone sovereign syndications so far in 2019.
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Export Development Canada is set to become the fourth public sector borrower to issue a debut Sonia bond this year, after picking banks on Monday for a three year bond linked to the reference rate. Meanwhile, KfW will return for its second sterling benchmark of 2019, sticking with a five year maturity it issued in earlier in the month.
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Dollar SSA issuance picked up in earnest this week after a slower than usual start to the year, with a rich variety of borrowers printing deals, some in record size or with record books. Conditions are such that SSA bankers are confident supply will keep coming and demand stay high for the next few weeks — cheering news for one sovereign issuer looking to make a comeback in the currency.
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A record start to the SSA sterling market came to a halt early this week, with borrowers avoiding prints as the UK Parliament delivered a historically large defeat to the government over its planned withdrawal agreement with the European Union. But once the big risk of the event was out the way, supply picked up — although with Brexit’s direction as uncertain as ever, further blocks to issuance are likely.
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