RBC Capital Markets
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The prickly start to the year continued in Europe’s corporate bond market on Wednesday, as hybrid issues for Spanish toll road firm Abertis Infraestructuras and German oil and gas firm Wintershall Dea received opposite reactions from investors. -
World Bank hired banks on Tuesday to lead a new 40 year euro sustainable development bond — the supranational’ s longest ever benchmark in the currency. The deal will be the latest example of public sector borrowers venturing longer in the euro market this year.
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Wessex Water, the UK utility, and National Grid this week proved that there is still demand for sterling corporate paper in a post-Brexit world, with both issuers seeing chunky oversubscriptions for their trades.
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The Nordic Investment Bank became the latest public sector borrower to achieve a strong result in the sterling market this week with a £600m print.
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Europe’s corporate bond market was teeming with life again on Thursday after a brief pause for public holidays as German pharmaceutical company Bayer and UK energy company National Grid drummed up bulging order books in euros and sterling.
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KfW and Swedish Export Credit Corporation (SEK) achieved strong results in sterling on Tuesday despite extremely volatile conditions in the currency as a result of uncertainty around the impact of Brexit and the rising cases of coronavirus in the UK, which has affected swap spreads and the cross-currency basis swap for non-UK borrowers.
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The European Investment Bank made a blazing start on Monday in tackling its 2021 borrowing programme, hitting the Australian dollar and sterling markets on Monday, and lining up a dollar deal for Tuesday.
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The European Investment Bank became the first borrower to tap the sterling market in 2021 on Monday, while KfW is set to follow on Tuesday. While the opening deal went well, the issuers had to contend with some sharp volatility.
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The battle for the UK security firm G4S is entering its final phase, with initial hostile suitor GardaWorld potentially upping its offer after Allied Universal said it had agreed to buy the target company for £3.8bn.
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The dollar bond market is wide open for companies to take advantage of strong demand and a rally in spreads, boosting hopes for a busy end to a record year for investment grade issuance.
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GardaWorld, the Canadian security company, made its final pitch for larger UK rival G4S on Wednesday, raising the offer to £3.68bn in a deal that will land the lenders up to £180m in fees.
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