Morgan Stanley
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Supranationals found heavy demand from investors for privately placed taps of outstanding dollar and euro notes over the past week, with Asian Development Bank printing particularly heavy volumes. -
The European Financial Stability Facility finished off its 2018 issuance this week with what was likely the last jumbo euro benchmark of the year. The deal was solid, but SSA bankers warned the euro market feels “tired”.
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Volkswagen printed the biggest trade in its history as high-grade corporate borrowers blitzed the dollar market in response to the results of the US mid-term elections.
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American pharmaceutical company Allergan, best known for its cosmetic drug Botox, returned to Europe on Thursday for a new three tranche corporate bond deal. The €1.7bn transaction fell short of the company’s debut €2.7bn deal, but was a filip for a market that had been silent the previous day due to the US mid-term elections.
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On Tuesday, Logicor, the largest provider of logistics property in Europe, made its debut in the euro corporate bond market. The €1.8bn three tranche deal is believed to be the largest debut trade by a real estate company in euros.
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The European Financial Stability Facility wrapped up its funding year by raising €4bn on Tuesday, tightening its pricing from guidance in the process. But despite the deal’s success, there are signs that the strength of the euro market is starting to wane into year-end.
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The European Financial Stability Facility has opted to tackle a part of the euro curve where KfW found substantial demand last week, with a trade that SSA bankers said should provide a steer on the health of the euro market. There was one positive sign for the sector on Monday, as a Dutch agency increased the size of an SRI bond from its initial target.
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Digital Realty, the US data centre company, has signed a global syndicated loan package totalling $3.3bn across a range of currencies, weeks after the firm ventured into the sterling bond market.
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Cromwell European Real Estate Investment Trust (CEReit) is looking to raise €224.1m through a rights issue to fund acquisitions of commercial properties and offices.
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After a month of consistent spread widening in European corporate bonds, bankers are hoping for tighter pricing in November, but some investors say the new levels better reflect the value on offer in the market.
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MUFG has named Zahra Sadry as head of EMEA healthcare coverage, moving her over from the group’s strategic finance team, where she was the MD responsible for Germany, Austria and Switzerland.
