Natixis
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Two more dual tranche bond deals were priced in euros on Wednesday. BP followed a similar path to previous issues this week, printing eight year and 12 year tranches. However Safran, the French defence company, printed two year and four year floating rate notes.
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Arabtec Holding, the United Arab Emirates’ largest listed construction firm, said on Tuesday its rights issue was fully subscribed, raising Dh1.5bn ($408m) for a recapitalisation. -
Plastic Omnium, the unrated French car parts maker, on Monday became the first company that had held a European bond roadshow last week to launch a deal.
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European corporate bond markets have quickly shrugged off the uncertainty surrounding the UK election result and central bank meetings, and look set for a busy end to June.
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It is often suggested that issuers have to pay up for issuing sub-benchmark sized deals. However, this week two corporate issuers printed successful €300m transactions with little discernible premium compared to benchmark transactions.
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Foncière des Régions printed the only new corporate bond issue on Tuesday. The €500m 10 year deal got a similar reception to TenneT’s dual tranche deal the day before. The level of oversubscription was lower than other deals in recent weeks, but the order book was good quality.
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Although sentiment around the euro corporate bond market is favourable, following Emmanuel Macron’s party’s decisive results in French parliamentary elections on Sunday, only one new issue and one tap hit investors’ screens on Tuesday.
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The euro corporate bond market started the week on the front foot after French president Emmanuel Macron’s party won the first round of parliamentary elections on Sunday and set up a likely landslide win in the National Assembly vote on June 18.
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Ivory Coast was on track with its dual tranche dollar and euro offering with the latter drawing plenty of attention from market commentators who referred to the pricing on offer as “insane.”
