Pre-migration untagged articles
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Nearly three years on from the start of the eurozone sovereign debt crisis and investors are still largely driven by fear, but at least now that fear is showing its face in the mega book sizes on this week’s SSA deals. Take one announcement from the Bank of Japan and investors pile wholesale into any issue going in a desperate attempt to get in ahead of the anticipated flood of Japanese buying. -
City of Paris sold its longest dated floating rate note this week as a series of French issuers found homes for their MTNs.
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Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of less than 365 days
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Dealers of private EMTNs: Non-syndicated deals for <= €300m excluding financial repackaged SPVs, GSE issuers, self-led deals and issues with a term of < 365 days
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Régie Autonome des Transports Parisiens sold its first privately placed Euro-medium term note in nearly four years this week.
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The International Finance Corporation (IFC), one of the two supranationals in the dollar benchmark pipeline, opened books on a new five year deal this week. The Inter-American Development Bank is thought likely to bring an issue next week. In euros, meanwhile, the action remained focused on European sovereigns.
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Europe’s corporate bond market awoke promptly from its Easter break on Tuesday, getting straight back to business as usual. German chemicals business BASF raised €200m in a tap of a 2021 bond it sold in January. Issuance was picking up further on Wednesday, with two peripheral gas utilities planning to sell benchmark sized bonds.
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Emerging market bonds present a mixed picture going into the second quarter. The CEEMEA pipeline continues to look strong after a big first quarter but Latin American momentum appears to have dipped. This week’s CEEMEA activity is all about sub-investment grade, with Eastcomtrams, Exilon Energy, Sekerbank, Metalloinvest and Mriya undertaking roadshows.
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Primary covered bond supply in euros is down about half on last year’s first quarter levels, but there are hopes that issuance will start to pick up in April.
