NatWest Markets
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Italy and Belgium were the latest eurozone sovereigns to build their largest ever order books for syndicated bonds on Wednesday, with the former coming close to breaking the record demand from a eurozone issuer set by Spain on Tuesday. -
The UK's Clarion Housing Group, a housing association, got a rapturous reception from the sterling bond market on Wednesday, which allowed it to increase its green bond and price it flat to its curve.
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The International Development Association has hired banks to lead its first sterling bond as it looks to make another step in its quest to develop a diversified funding programme.
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Commerzbank was able to attract "very high quality books" for its issue of non-preferred senior euro and sterling bonds on Wednesday.
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Spain and Cyprus attracted strong demand for their syndicated bonds on Tuesday, with the former receiving the largest ever order book for a public sector euro benchmark. Italy and Belgium will add to the eurozone sovereign supply on Wednesday after mandating leads for new 30 and 10 year trades, respectively.
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Ireland's Electricity Supply Board opened 2020's sterling corporate bond market on Tuesday and won enough demand to increase the £300m deal slightly.
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Environmentally minded investors piled into green and sustainable corporate bond issues in Europe on Monday, with deals for Energias de Portugal, South Korean steel company Posco and National Grid garnering around €10.3bn of demand.
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Foreign and domestic banks flocked to the UK this week as they sought to take advantage of stellar funding conditions in the sterling market. Bankers said this was the first chance issuers had to benefit from opportunities in the currency following December’s general election, which removed a lot of short-term uncertainty around Brexit.
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Export Development Canada has started its 2020 funding with a Sonia floating rate note, after the European Investment Bank earlier this week brought the first trade in the format of the year.
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Crossover credit Cellnex, the Spanish mobile phone mast owner, offered investment grade bond investors the chance to pick up some spread on Thursday, while unrated Air France-KLM waits in the wings.
