RBC Capital Markets
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France’s largest property firm, Unibail-Rodamco, issued a €1bn dual tranche bond on Wednesday that included only the third 20 year corporate bond in euros this year. -
The Province of Ontario is to hit the dollar market on Wednesday with a 10 year benchmark while the Asian Development Bank (ADB) and Oesterreichische Kontrollbank printed deals on Tuesday, as bankers noted the popularity of dual tranche deals in the currency.
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Carrefour, the French hypermarket chain, issued a €750m bond on Tuesday, in a market enthusiastic for corporate debt.
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The Asian Development Bank and Oesterreichische Kontrollbank hit screens with dollar deals on Monday, with ADB adding more supply to a burst of dual tranche trades that included deals last week by the World Bank and the Japan Bank for International Cooperation.
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Three public sector issuers returned to the Kangaroo bond market this week to raise a combined total of A$850m ($652m).
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Issuers stormed out of the blocks with a set of deals across the curve this week, with factors including an increase in swap spreads on the short end, a positive feeling towards the US market since Janet Yellen’s statements in March and the start of the Japanese fiscal year all credited.
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The primary covered bond market was active this week with as many as seven issuers raising more than €6bn, including the longest deal in over a year and a debut borrower in euros.
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L-Bank and the African Development Bank are set to be the latest issuers this week to take advantage of rising short end dollar swap spreads, mandating for deals on Wednesday after Finland printed a short dated deal of its own.
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A stream of SSA borrowers entered the primary bond market this week in both euros and dollars. Dual tranche deals were popular as borrowers sought to take size without paying heavy new issue premiums.
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BMW issued a €1.5bn dual tranche bond on Monday, nine weeks after selling its first public bond of the year. The improvement in market conditions since then was clearly visible, according to a banker away from the deal, as the issuer racked up twice the order volume this time.
