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ING

  • Dutch grid operator Stedin and French utility Suez offered investors more of the same when they tapped into what has been strong demand for longer dated corporate bonds on the same day, but found that appetite is starting to wane.
  • Dutch brewer Heineken took advantage of a quiet market on Monday’s US Labor Day holiday to print a €1.25bn dual tranche deal with new issue premiums some participants saw in single digits.
  • CEE
    Czech company Atrium European Real Estate has hit the market with a deal first roadshowed in June, raising €300m with a seven year.
  • The euro senior corporate market slowed right down over the summer, but the actual break in issuance was for barely two weeks. For hybrid deals, however, it was nearly seven weeks from the last new issue to Belgian electricity grid operator Elia’s deal this week.
  • Syndicate bankers on Tuesday’s triple tranche deal from German machinery maker Siemens claimed to be the winners on a day of very competitive supply.
  • There was little in the way of emerging market bond issuance this week to set the tone for the usually busy month of September. Although mBank raised €500m of four year money, CEE-focused Atrium European Real Estate had yet to appear with a deal that had been planned for Thursday.
  • CEE
    Czech company Atrium European Real Estate has said it is focusing on a seven year bond. That is the long end of the maturity range that had set for the note on Wednesday. But there are no signs yet of price guidance for the deal, which has already been postponed once.
  • Sachin Shah began his new job this week, as a director in ING's sovereign, supranational and agency debt capital markets business.
  • CEE
    Czech company Atrium European Real Estate is reviving its €300m bond issue this week with a shorter maturity, having roadshowed in June. The deal looks set to be one of the first out of the gates in the emerging markets this week, after a tumultuous summer for that asset class.
  • The autumn term has definitely begun in Europe’s corporate bond market. BMW and Daimler, which launched deals last week, may have been the scholarship swots who returned extra-early, but this week the whole sweaty gang of issuers is back en masse, and making plenty of noise.
  • BMW and Daimler reopened Europe's corporate bond market on Thursday in emphatic style, reminiscent of the market's usual reopenings after Christmas, when car companies often take the lead. Such a clear and classical restart to issuance, this early in August, is unusual.
  • Japan telecoms company SoftBank took another step towards its flotation this week by replacing its intergroup credit with a double-B rated leveraged loan. This followed a high-yield bond sale in April with the same purpose.