North America
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All the action in the SSA bond markets switched to euros on Wednesday morning with the US Federal Reserve's imminent decision on interest rates quieting the dollar market. -
A trio of euro borrowers launched trades and a fourth picked banks on Tuesday in a market buoyed by a perceived renewal of European political unity following welcome results in elections in France and Italy at the weekend.
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Bank Nederlandse Gemeenten slam-dunked a single day euro execution on Monday into a market buzzing from a pair of eurozone election results over the weekend. Another two issuers have lined up euro deals — including one debut.
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US banks this week took a breather from the torrent of issuance related to meeting total loss-absorbing capacity (TLAC) requirements, preferring instead to hit the market with ineligible, short dated senior unsecured trades.
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Issuers got a good reception as they tapped the market ahead of a trio of market-moving events on Thursday as investors continued to pour cash into the asset class.
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US telecoms company AT&T brought a €7bn multi-tranche trade on Wednesday that offered juicy premiums as the company began filling the $40bn cash pool it needs to buy Time Warner.
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Michigan’s Superior Industries International met a hesitant European high yield bond market on Monday, as it began offering its debut bond to fund its acquisition of German peer Uniwheels.
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Four public sector borrowers will launch euro bonds on Wednesday, having announced deals throughout the curve ahead of this week’s European Central Bank meeting.
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Packaging maker Ardagh Group will repay its 2021 dollar floater with a £400m sterling bond printed on Friday, following heavy oversubscriptions of recent sterling deals.
