Natixis
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Public sector borrowers were able to achieve zero or negative new issue premiums and close books early in the euro market on Tuesday as investors piled into haven assets amid a weaker outlook for global growth. -
The Slovak Republic kick-started its 2019 international bond issuance on Tuesday, printing a €1bn 11 year, drawing a book of over €5bn. It paid a “minimal” new issue concession, according to lead managers.
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Singapore agricultural commodity company Olam International and its wholly owned subsidiary Olam Treasury have raised the firm's first loan where its funding costs are linked to the digitisation of the company.
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Eager demand for hybrid capital issues, amid an environment of low rates, was on show again on Monday, when LafargeHolcim issued its first big deal of this kind. The pricing was tightened by an exceptional amount during the bookbuild — 69bp.
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A trio of public sector borrowers hit screens with mandates on Monday ahead of what SSA bankers say will be a busy week of supply following a glut of benchmark issuance towards the end of the first quarter.
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Chinese issuers have become too focused on Hong Kong when marketing their dollar bonds, panelists at Euromoney's China Debt Capital Markets Summit said last week.
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Demand for Ireland-based aircraft leasing company Avolon's unsecured loan took off, allowing it to sign the deal at $500m this week, as the company attempts to gain an investment grade rating.
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Despite a slight softness in the European corporate bond market at the end of Tuesday, Wednesday brought another strong deal. CNH Industrial, the agricultural machinery and lorries group backed by the Agnelli family, issued an eight year bond that was increased to €600m.
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Air France-KLM, the Franco-Dutch airline, on Wednesday issued a new €500m convertible bond due in 2026. The deal was repriced in the issuer’s favour after long-only convertible funds piled in, following a drought of new supply this year.
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Ghana became the first Sub-Saharan African sovereign to access the bond market this year on Tuesday, printing tranches of dollar paper on Tuesday and receiving one of the largest order books ever for a bond from the region.
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A French public sector borrower is ready to hit the road to market its inaugural benchmark bond, following the launch of its Euro Medium Term Note programme at the end of last year.
