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The euro market for public sector borrowers appears to be fully reopening after the summer break, with a pair of issuers bringing mandates in very different tenors. Both trades are likely to benefit from the lack of supply over the last few weeks, said bankers. -
The minutes of the European Central Bank's (ECB) July meeting revealed a new and optimistic tone on inflation, but caution on relaxing its accommodative measures.
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FMS Wertmanagement has printed its third deal of the summer, scooping up €1bn of short dated euro paper with an opportunistic trade.
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FMS Wertmanagement is set to dip into the market for the third time this summer, as it seeks to meet an increased funding target for the year.
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Lonza, the Swiss pharmaceutical ingredients and dosing methods supplier, has closed an €870m-equivalent dual tranche Schuldschein loan, refinancing debt backing its acquisition of US drug capsules maker Capsugel.
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Italian cement and concrete group Buzzi Unicem launched a debut €250m triple tranche Schuldschein, with half of the intended volume directed at its German subsidiary, Dyckerhoff.
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The European Financial Stability Facility (EFSF) sold its fifth dual tranche of the year on Tuesday, gaining plaudits as it added €1.5bn to a line that bankers said came under secondary market pressure when launched in February.
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The European Financial Stability Facility will on Tuesday fill a gap in the 10 year area of its curve and pour some liquidity into the ultra-long end, after hiring banks on Monday for a dual tranche deal. The supranational will also likely be hoping for a repeat of its last dual tranche trade, which took a hefty €6bn chunk out its €14.5bn funding target for the third quarter.
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The appetite of Schuldschein investors seems insatiable. Coming off the largest and busiest second quarter in the Schuldschein market's history, two non-German inaugural borrowers nearly doubled their funding targets on Tuesday.
