JP Morgan
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Kommuninvest hit screens on Monday for the first dollar benchmark by a Nordic public sector borrower since August. -
Shurgard Safe Storage, the largest self storage property company in Europe, has begun bookbuilding for its flotation on Euronext Brussels, with a price range that values the company at a premium to its closest peers
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Fears that European banks won’t use the call options on their tier two bonds are overdone, according to analysts at JP Morgan.
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A shift in the euro/dollar basis swap means more euro funders could look at dollars, according to SSA bankers. Upcoming Asian holidays are likely to jumbo deals, but there could be room for smaller, cheaper names — with one of those issuers getting a rampant reception this week.
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US healthcare company Abbott Laboratories debuted in the European corporate bond market on Monday, selling a €3.42bn triple-tranche deal. The proceeds of the jumbo deal were to repay the issuer’s outstanding deals in dollars.
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Corporate dollar bond issuance ended a bumper month with a whimper as borrowers fought shy either side of the Fed’s September meeting.
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When UK telecoms company Vodafone announced in May that it had agreed to buy some of US rival Liberty Global’s European operations, it said it would use existing cash, €3bn of mandatorily convertible bonds and new debt, including hybrid bonds to fund the €18.4bn acquisition. On Wednesday, Vodafone sold the hybrid bonds, using four different tenors in three currencies. Nigel Owen reports.
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German publishing company Bertelsmann returned to the euro corporate bond market on Tuesday to re-market a deal it had pulled in May after setting the spread. This time the issuer priced the transaction at what was seen as a more realistic spread, but the high premium was in part due to the illiquidity of the secondary curve.
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World Bank blew the doors off its first bond referenced to the Sonia benchmark on Thursday, setting a new record for non-UK sterling SSA supply in the process.
