Morgan Stanley
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Bank borrowers were making good use of a narrow issuance window this week, drawing on the support of smaller sized but higher quality order books to command tight pricing in euros. -
Unrated Portugeuse insurer Fidelidade resurrected its plans to print a tier two bond on Friday – almost three years after its first attempt at accessing the format.
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Prospects for companies to issue more social bonds rose this week, with the debut issue by Electricité de France, a borrower with a long and influential track record in the green bond market.
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Mamoura Diversified Global Holding sold a dual tranche dollar bond featuring a Formosa tranche on Thursday. Formosa bonds have been gaining traction among Middle East issuers as they seek to tap into Asian investor demand.
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AstraZeneca, the UK drug company, showed the eager demand for merger and acquisition financings this week when it achieved ultra-tight pricing on a $7bn bond issue to fund its acquisition of US biotech firm Alexion Pharmaceuticals.
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Banks have enjoyed a hot funding streak in the sterling market in recent weeks, with pent up demand pushing supply towards its highest year in over a decade. Some market participants, however, are worried the superlative conditions might vanish just as quickly as they appeared.
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Europe’s high grade corporate market this week saw one of its busiest days of the year, with a touch over €4.5bn printed from eight tranches on Wednesday, and investors lapped up most of the deals with ease.
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Days after it sold a private placement, Mamoura Diversified Global Holding returned to the bond market on Thursday for a dollar dual trancher. The syndication will include a Formosa tranche.
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Crédit Agricole issued a callable Samurai bond this week that will reset to a spread over the local government bond curve, as the yen market transitions away from Libor ahead of its cessation later this year.
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The UK issued a £4bn index-linked Gilt maturing in 2039 on Tuesday, experiencing hot demand as investors flocked to secure protection from the threat of inflation.
