Nomura
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A glut of short end dollar issuance this week is set to ramp up on Thursday, after a pair of rare names in the currency mandated on Wednesday. The trades will follow a strong showing from Finnvera after the Finnish agency — also an uncommon name in dollars — printed its largest ever trade in the currency. -
Stada Arzneimittel, the German pharmaceuticals firm being bought in a €5.3bn deal by Bain Capital and Cinven, opened a bond roadshow on Monday after marketing €2bn of leveraged loans last week .
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The European Investment Bank tapped its January 2028 Australian dollar Climate Awareness Bond on Wednesday. The bond’s green credentials attracted investors rarely seen that far along the credit curve, a promising sign of the market’s maturity.
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The German pharmaceutical company, Stada, and the UK housebuilder, Miller Homes, both complete their high yield bond roadshows on Wednesday with the deals expected to follow before the end of the week.
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The European Investment Bank opened a tap to its January 2028 Australian dollar Climate Awareness Bond on Tuesday.
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Femsa, the Mexican soft drinks and retail company, surprised some in the equity capital markets on Monday night when it sold €2.5bn of the stake in Heineken that it acquired when the Dutch brewer bough its brewery division in 2010.
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Strong short end dollar demand led a host of issuers to print tight deals this week, including one debut. Investor appetite is expected to stay strong, but bankers are sceptical that there will be much supply.
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On Monday, Japanese brewer Asahi Group brought the fourth European bond issue by a beer producer in Europe in 2017, having roadshowed its debut euro bond the previous week.
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Lloyds Bank issued its first Australian dollar bond through its senior holding company on Wednesday. As the Kangaroo market shows itself receptive to loss-absorbing products, bankers expect more financial institutions to diversify down under.
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Anglo-Dutch consumer goods company Unilever printed the fifth sterling corporate bond deal in as many days on Monday. The £500m dual tranche deal offered investors seven and 12 year tenors. Before this deal it had only 2018 and 2022 maturities outstanding in sterling.
