Commerzbank
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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. -
Having dropped off in early March, Swiss franc issuance has bounced back in the last fortnight, buoyed by returning investors flocking to low investment-grade rated borrowers, like triple-B rated cement manufacturer LafargeHolcim, and piling into a record-breaking foreign covered bond.
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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.
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Mondi, the paper company based in the UK and Austria, raised €750m on Friday to refinance its €500m bond maturing in September, and put some extra cash by in case of trouble, with a bond issue that it went ahead with on a down day for equities, even as some other companies opted not to issue.
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The euphoria that infused Europe’s corporate bond market from Tuesday to Thursday has cooled somewhat, although investors are still open for business. Bankers had said on Thursday that Friday would bring an interesting crop of deals, but there is only one, for paper company Mondi, rated Baa1/BBB+.
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The Republic of Slovenia navigated a much changed euro new issue market on Tuesday, executing a three year bond and tap that required unconventional pricing tactics.
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This week, it was the best of times, it was the worst of times – and despite volatility caused by the spread of the Covid-19, a trickle of MTN issuance has managed to slip through into the market.
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A brutal sell-off in credit in recent trading sessions has left some market participants questioning whether bank bonds are now ‘more in tune with what they should be’.
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Commerzbank reopened the covered bond market on Tuesday by pricing its largest Pfandbrief in a decade, following a meltdown in global finance last week.
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Relx, the UK specialist publisher, reopened the European corporate bond market on Tuesday after more than a week without any benchmark issuance. It was a convincing €2bn issue, but Relx had to pay double digit new issue premiums.
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