JP Morgan
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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. -
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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IDB Invest, the private sector arm of the Inter-American Development Bank, took advantage of the strong momentum in the dollar public sector bond market to sell its biggest ever trade on Thursday.
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Bpifrance is preparing to issue a bond which will be used to provide loans to companies in France to help them overcome the economic difficulties of the coronavirus pandemic.
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The corporate bond market has returned to some semblance of normality, with Switzerland’s Firmenich and Australia’s APA Group taking the traditional route of holding a roadshow before opening books, and syndicate bankers say the wild, record-breaking weeks for primary issuance are over for now.
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The Republic of Hungary made a jumbo return to euro markets on Thursday with its first hard currency trade since 2018. Bankers expect more trades from both the sovereign and its neighbours.
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Two supranationals will take to the market on Thursday to raise money for their socially responsible investment programmes. Inter-American Investment Corporation will raise dollars for its Covid-19 response bond, while Nordic Investment Bank is coming to market for a euro environmental bond. The transactions will share the market with Bank of England’s annual dollar deal.
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Spain enjoyed enormous demand for a 10 year syndicated bond on Tuesday, with an order book which was almost double the previous record for a single tranche euro public sector benchmark. Bankers away from the deal said investors were attracted by the big new issue premium on offer.
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Europe’s high grade corporate bond market faced one of its biggest tests on Wednesday, with France’s Auchan, which operates in the heavily disrupted retail sector, getting a deal away with one of the larger new issue concessions seen in recent weeks.
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Italian-American car company Fiat Chrysler has drawn down on its €6.25bn revolving credit facility to shore up its finances during the Covid-19 pandemic, though the company has left a new bridge loan untouched.
