Santander
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On Wednesday sterling corporate bond investors had to evaluate the three latest tranches from property companies as Segro sold a £750m 12 year and 20 year offering and Notting Hill Housing Trust brought a £400m 31 year deal.
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Sterling corporate bond investors had three tranches of property company debt to evaluate on Wednesday, as Segro issued a £750m 12 year and 20 year deal and Notting Hill Housing Trust a £400m 31 year.
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Brazil followed Mexico’s example in making the most of idyllic issuance conditions on Tuesday, though some investors argued that Brazil’s $3bn deal demonstrated that the market retained some sense of discipline.
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Volkswagen Leasing brought its second euro corporate bond deal of 2017 on Monday. The €2.25bn dual tranche offering took Volkswagen’s total issuance this year to €17.25bn. This is more than twice as much as General Electric, the next highest issuer by volume.
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Bank capital investors have eagerly gobbled up billions of euros worth of additional tier one (AT1) paper this year, even as prices have soared to record highs. But underwhelming receptions for a pair of new trades this week suggested that banks have almost reached the limit on how much they can squeeze investors, writes Tyler Davies.
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Heineken used the quieter end of the week in terms of issuance to price its second benchmark corporate bond issue of the year. The sixth benchmark issue of the year in Europe from a beer producer was the only deal in the market on Friday.
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Total, the French oil company, has been a frequent issuer of euro bonds, raising €7bn in 2016 and more than €5bn in each of the two previous years. However, it waited until the last week of September to sell its first new issue in euros in 2017.
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Automotive finance companies rarely issue corporate bonds with tenors longer than four or five years, due to the assets they need to fund. This week, however, three of them sold five year bonds.
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Two more public sector borrowers brought strong trades to finish a bumper week of dollar deals, both printing $1.5bn of short end dollar paper.
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A glut of short end dollar issuance this week is set to ramp up on Thursday, after a pair of rare names in the currency mandated on Wednesday. The trades will follow a strong showing from Finnvera after the Finnish agency — also an uncommon name in dollars — printed its largest ever trade in the currency.
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Both investment grade corporate bond new issues on Wednesday came from French issuers. Surprisingly, Total issued its first euro bond of 2017, while PSA Banque France sold its second.