Nomura
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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. -
A lack of five year dollar supply and an acceptance that since the summer issuers need to offer a bit more juice helped a pair of supranationals launch strong trades this week. Other supras are rumoured to be considering follow-on deals next week, although some bankers warn that investor appetite may be sated for the moment, and everything could hinge on how a sharp US Treasury move late on Thursday plays out.
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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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Inter-American Development Bank won a big reception on Thursday as it completed its benchmark funding for the year with a five year dollar global that rode on the coattails of a similar trade by Asian Development Bank a day earlier. Agence Française de Développement also made a triumphant return to dollars after a pulled trade in February, as it matched its largest ever deal in the currency for size.
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Inter-American Development Bank will on Thursday attempt a five year dollar benchmark, copying a Wednesday deal from Asian Development Bank that bankers on the trade said was the best dollar deal since the summer. Agence Française de Développement is also out with a dollar benchmark — its first since a pulled trade in February.
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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.
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Two levfin issuers, Sebia and Refresco, this week added €3bn to an already large pipeline of euro and dollar-denominated leveraged loans being touted around a bustling European market. But some bankers are fretting that underwriters face little room for mistakes if pricing widens.
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The European leveraged finance market is set to contend with loan deals approaching €4bn for the start of September. Over half of that is for the German pharmaceutical firm Stada — a deal that could help make funding more expensive for everyone else, writes Victor Jimenez.
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SSAs enjoyed soaring conditions in the sterling market this week after a summer lull, which bankers attributed to a big Gilt redemption and sterling’s weakening against other main currencies.
