NatWest Markets
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The dollar market will still be the place to go for SSAs next week as the euro market comes to terms with a rampant repricing, but not every deal in the market this week fared spectacularly well.
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Despite choppy markets leading to a quiet week for corporate issuance, the pipeline remains strong with several new issuers announcing roadshows for deals set to be launched this month. -
Tennet, the Dutch government-owned electricity transmission system operator, has mandated banks for its first green bond and will travel to meet investors next week.
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India’s Reliance Utilities and Power has upped the size of its borrowing to $300m from $225m for the final allocations. The facility saw Middle Eastern, European and Indian lenders come in for the big tickets.
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Weak German GDP figures helped drive a bid for Bunds on Wednesday morning, bringing a degree of stability after two weeks of volatility in eurozone government bonds.
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A pair of highly rated SSAs are set to dip into dollars on Wednesday, after two issuers had contrasting fortunes in the market on Tuesday.
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Tennet, the Dutch government-owned electricity transmission system operator, has mandated banks for its first green bond and will travel to meet investors next week.
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A pair of core eurozone agencies are set to dip into the short end of the dollar curve on Tuesday, but more issuance could come further out the curve.
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India’s Reliance Utilities and Power has upped the size of its borrowing to $300m from $225m for the final allocations. The facility saw Middle Eastern, European and Indian lenders come in for the big tickets.
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Alliance Automotive, the French-UK car parts distributor, was back in the high yield market on Wednesday selling a €50m tap of its only bond, issued last year.
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Investors maintained discipline on Wednesday when Ford Credit Europe Bank issued a €500m five year bond, with some dropping out of the deal after moderate pricing revisions.
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Spain is likely to pay higher borrowing costs than at any point this year at an auction on Thursday, as a volatile period for eurozone government bonds rumbles on from last week.
