Société Générale
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Greece is looking to become the latest eurozone sovereign to sell a seven year syndicated bond, after mandating banks on Tuesday for the transaction. -
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Agence Française de Développement (AFD) was the latest public sector agency to head to the euro market this week as it raised €1.5bn on Wednesday with a 10 year benchmark. While the deal was fully subscribed, the order book was not huge and the pricing did not tighten from guidance, indicating that the market may be slowing.
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It was all eyes on Ireland in the eurozone government bond market this week, as the sovereign printed one of its biggest deals with a record-breaking order book.
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'We are all in this together' is not a view Europe’s investment banks will recognise when they compare themselves with their formidable US rivals, writes David Rothnie.
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Chunky books and shrinking new issue premiums were everywhere in Europe's high grade corporate bond market on Tuesday, as some investors said the market felt like it had found solid ground again after huge moves in recent weeks.
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Ireland impressed on-looking supranational, sovereign and agency bond bankers on Tuesday as it received its largest ever order book for a syndication. It was not the only eurozone sovereign in the market as Cyprus printed seven and 30 year bonds.
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Sanofi, the French pharmaceutical company, followed the example of Danaher by reopening bonds that priced in the last few weeks. It raised another €500m on Monday, pricing well inside where it priced the original bonds at the end of March.
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Eurozone sovereigns extend their syndication spree this week with Cyprus and Ireland mandating banks for new deals on Monday. Both sovereigns are preparing bigger funding programmes in response to the coronavirus pandemic.
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The corporate bond market made a blazing start to Monday with deals for Repsol, Naturgy and LafargeHolcim on screens, as issuers cram what they can into a shortened week.
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High grade companies poured into the bond market this week as participants weigh up whether this is a redux of 2009’s record year or if the unprecedented central bank spending and high bank liquidity mean that this is a unique market where borrowers raise cash even if they do not really need it.
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Oil firms burst into the corporate bond market on Thursday with BP, Royal Dutch Shell and OMV opening books on multi-tranche trades, as comments from US president Donald Trump sent oil prices rocketing.
