JP Morgan
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Any impression that the European corporate bond market was returning to more measured levels of activity was zapped on Tuesday, when five new issues were launched that had to squeeze more than €35bn of bids into just €6.25bn of paper. -
The European Investment Bank achieved its biggest ever order book in euros on Tuesday, as it sold its first seven year benchmark of the year.
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Last week, IDB Invest raised $1bn with its largest deal ever, a $1bn two year fixed rate bond. Although the proceeds of the bond will not be segregated from its regular funding, the issuer is adding a “Covid-19 lens” to the framework used to assess its development effectiveness.
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Pernod Ricard, the French drinks company, was rewarded for waiting on Monday when it launched taps of existing bonds more than 50bp inside where it had originally priced the notes just weeks ago, showing just what a tonic the European Central Bank's asset purchasing has been for the corporate bond market during the coronavirus pandemic.
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US companies Amphenol Technologies and Air Products and Chemicals have mandated banks for euro bond issues, as bankers expect Reverse Yankee issuance to rise after a spell of record-breaking volume in the dollar market.
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Bpifrance became the first French issuer to sell a Covid-19 response bond on Friday, raising €1.5bn.
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Swedbank was paying less than fair value for a new euro senior deal on Friday, according to market participants, with the bank raising funding a day after publishing its first quarter results.
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Chinese software company Kingsoft Corp bagged HK$3.1bn ($399.9m) on Thursday from a five year convertible bond. It was the first equity-linked trade in Hong Kong since the coronavirus outbreak in January.
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April is set to be the second busiest month ever in the US corporate bond market (after March), as companies pile up funding to build up their financial resilience to Covid-19, despite continuing volatility and waves of bad news.
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A trio of Wall Street heavyweights tapped the dollar market in size this week, with investors pouring cash into new deals.
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