News content
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French property company Gecina started its funding programme for 2018 with a €500m 12 year offering on Wednesday after selling €2.5bn of bonds in 2017. -
Three sterling deals this week matched the busiest week of 2018 for the currency as two UK corporate issuers returned to the market after notable absences and a US issuer opted for sterling for its first non-dollar deal.
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Prologis, the US-based warehouse Reit group, recently became the first issuer from its sector to issue a green bond, when it sold a €300m 10 year deal.
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German business software company SAP printed a €1.5bn triple tranche deal at tight spreads on Wednesday after more than a year and a half without issuing.
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China National Chemical Corp (ChemChina) enlisted the help of 18 lead managers to sell a six tranche bond in two currencies on Wednesday.
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Since Danish transport and logistics company AP Møller-Maersk last visited the bond market, both Standard & Poor’s and Moody’s have downgraded its ratings and put them on negative watch. However, it has still managed to issue its longest maturity deal so far in euros, alongside a tender offer.
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CVS Health printed the third-biggest bond deal of all time as it funded its $67.5bn acquisition of Aetna. Bankers hope that a revival in M&A activity will provide a shot in the arm for supply.
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Thursday saw two UK corporate issuers return to the sterling market after notable absences. Southern Gas Networks had not issued for more than two years, while the recently renamed Optivo Finance had been away for five years.
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CEEMEA year to date bond issuance is at $54bn equivalent, its highest ever level for this point in the year and around $17bn over last year’s volume, according to Dealogic data.
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Islamic Development Bank released price guidance for its dollar benchmark sukuk on Wednesday and leads are expecting to price the note on Thursday.
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Dar Al Arkan Real Estate Development Company has mandated eight banks to arrange a dollar benchmark five year sukuk.
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China National Chemical Corp (ChemChina) enlisted the help of eighteen lead managers to sell a six tranche dual currency on Wednesday. The company initially announced five dollar and euro tranches with tenors ranging from three years to 10 years, before adding a 30 year tranche.
