Nomura
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The European Union impressed as it sold its highly anticipated debut syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme on Tuesday, with the deal receiving record breaking demand at minimal new issue premiums. -
The European Union finally hit screens on Monday afternoon to announce the highly anticipated debut syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.
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It was a moderate week for supply in the primary euro public sector bond market but the issuers that did come found ample demand, setting up a decent backdrop for the expected arrival of the European Union’s big borrowing programme next week.
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High grade corporate bond investors had their pick of crossover deals this week, with Inwit, Veolia and Cellnex offering trades on the periphery of junk ratings, with demand solid as risk appetite remains strong.
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Austria built a large order book as it came to the market for its final syndication of the year on Thursday, ahead of the expected arrival of the European Union as a mega borrower next week.
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South Korea’s Woori Bank sold its first Kangaroo bond on Thursday, raising A$400m to help fund its response to the coronavirus pandemic.
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Asahi, Japan’s largest brewer, drew the biggest demand in the high grade corporate bond market on Wednesday, adding to the recent trend of issuers from the country getting a roaring response from investors in Europe.
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The Republic of Austria picked banks to lead a new 20 year euro benchmark on Wednesday, while the European Stability Mechanism surprised some market participants by sounding out banks for a deal next week, which could clash with the EU’s grand arrival as a supersized issuer.
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Woori Bank is preparing to make its Kangaroo bond debut, choosing the market to launch its first Covid-19 response bond.
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KfW and Ville de Paris grabbed the attention of investors at the opposite ends of the euro curve on Tuesday in what has been a thin week for issuance in the currency by public sector borrowers ahead of the expected arrival of the EU’s first syndicated bond under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme next week.
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