NatWest Markets
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Austria has become the first eurozone sovereign to syndicate a 100 year bond, selling €3.5bn to investors desperate to pile cash into ultra-long paper. -
Austria has picked banks for a five year bond to be launched on Tuesday, but may also extend its curve to 100 years.
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A full €2.3bn of bond offerings from seven borrowers hit screens on Monday in the European high yield bond market, following last week's more than €3bn of new bonds despite fund inflows turning negative.
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As the European Central Bank meeting suspended euro issuance on Thursday, British Land took the opportunity to grab UK investors’ attention with its first senior bond for 11 years. The £300m 12 year deal followed Tuesday’s £250m seven year transaction from Total, which had an order book of around £600m.
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The UK this week once again broke its record order book, with bankers suggesting the huge demand may have been down to investors taking their last chance for ultralong sovereign sterling paper for some time.
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The sterling market is on fire for SSA borrowers. Attractive conditions and investors with cash to deploy have come together to produce some of the market’s most impressive deals of the year, with more in the pipeline.
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As expected, no euro issuers were tempted to compete with the European Central Bank meeting on Thursday, however British Land took the opportunity to bring its first senior bond since 2006.
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Clarion Events is set to launch the loan funding for its acquisition by private equity firm Blackstone next week or soon after. The buyer also has funding for a deal to buy Paysafe in the pipeline.
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Public sector borrowers are finding healthy seams of sterling funding in various tenors, as Council of Europe Development Bank lined up to follow a Wednesday trade by KfW — and there are rumours that more supranationals could consider deals in the currency. Attractive arbitrage levels and large redemptions are helping drive supply and demand respectively, said bankers.
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A pair of European agencies landed in euros on Tuesday, attracting huge books and tightening their spreads, indicating a promising backdrop for NRW.Bank’s green bond scheduled for Wednesday.
