JP Morgan
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Public sector borrowers this week set new landmarks in what has already been an exemplary year in dollars, as KfW sold the largest 10 year dollar benchmark in 2.5 years and the Nordic Investment Bank priced the tightest deal versus swaps of 2018 so far. SSA bankers are confident that conditions will hold at both ends of the curve — allowing the possibility of further long end supply and even lower short end spreads. -
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While European Central Bank president Mario Draghi kept firmly to his course of accommodative monetary policy at Thursday’s press conference, the euro strengthened further against the dollar, dragging Bund yields up with it. Lewis McLellan reports.
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Sterling issuance was thin this week relative to its scorching start to the year although there was still room for Kommunalbanken to print its largest ever deal in the currency. Strong supply is on the way from the UK Debt Management Office but while demand is as good as some bankers have ever seen, other deals may be limited by technical factors.
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US high-grade corporates began to emerge from earnings blackout but few are predicting the usual flood of bond issuance as fears over rising inflation and the impact of tax reform could keep borrowers on the sidelines.
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Nordex, a German wind turbine manufacturer, began selling a €275m high yield bond this week as it plans to extend its debt maturities by taking out shorter-dated and floating rate Schuldschein paper.
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Russian corporates have been quick off the mark in the bond market this year with two more following fertilizer company PhosAgro into bonds this week.
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Corporate bond investors were offered 10 year and 11.5 year new issues on Wednesday and combined order books of over €4.4bn showed there is significant demand for longer tenors in this market.
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Italian tyre company Pirelli returned to the bond market on Monday for the first time since its IPO. With no other investment grade deals in the market, the new five year transaction enjoyed strong investor demand and 40bp of tightening from initial price thoughts.
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The European Investment Bank tapped its February 2028 line for A$400m ($323.5m) on Thursday, despite strong headwinds in the Aussie dollar market.
