SEB
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The rally set off European Central Bank president Mario Draghi's assertion on Tuesday that further quantitative easing was possible, if not probable, had reached a level by Wednesday that astonished bankers. Three investment grade companies took advantage that day with benchmark bond issues, while one brought a tap.
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Investors hoovered up two German hybrid capital issues on Tuesday, in a receptive market spurred on by dovish comments from European Central Bank president Mario Draghi. They were of very different stripes: a €1.5bn dual tranche issue from Merck, the pharmaceutical company, which was about 7.5 times covered, and a £400m issue from Aroundtown, the property company.
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Renault issued a €1bn bond from its industrial arm on Monday, after a tumultuous few weeks in which the company had negotiated a (for now) abandoned merger offer from Fiat Chrysler Automobiles. The deal came amid a busy flurry of smaller issues.
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Volkswagen surprised the equity capital markets on Friday by setting a range on the IPO of its trucks division, Traton, a few days earlier than most in the market had expected. But the deal has already gained strong investor interest.
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With equities in green, Thursday was a fair sailing day for corporate bond issues in Europe, and five issuers took advantage, including two French names and two Swedish. Demand was strong and terms tight.
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While four new issuers were squeezing into the euro corporate bond market on Wednesday, Norwegian Property, an unrated real estate investment company, slipped a Nkr950m (€97m) three tranche deal into the market.
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A trio of agencies and an infrequent issuer have printed long dated paper in MTN euros this week, and there has also been long end corporate interest in Swedish kronor.
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Nordic Capital sold its last shares in Resurs Holding, the Swedish retail finance company, on Tuesday night, ending its investment in a firm it took to market in 2016.
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The Swedish city of Gothenburg returned to the bond market for its second public deal of the year this week. Swedish krona bonds have proven popular in recent weeks, as both domestic and European issuers have placed deals in the currency.
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Volkswagen has rebooted the IPO of Traton, its trucks division, after the deal was delayed in March due to volatility in equity markets caused by the ongoing trade tensions between the US and China.
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KfW brought another landmark transaction under its recently updated green bond framework on Tuesday with a Skr7bn (€654m) issue that marked its largest bond in the Swedish currency.