Crédit Agricole
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Property developer China Vanke Co brought a rare investment grade-rated corporate deal to the offshore renminbi (CNH) bond market on Monday, pricing the deal inside its dollar curve after a warm response from investors. -
Europe’s high grade corporate bond investors had an array of novel trades to consider on Monday, with debutants and a rare antipodean issuer marketing euro transactions.
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Crédit Agricole CIB has conducted what it believes is a unique green bond issue for its Taiwan branch, in which the issuer, investors and underwriters have together made a “solidarity” payment to a charity, Plastic Odyssey, which works to remove plastic pollution from the oceans.
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Île-de-France Mobilités, the state-owned authority for public transport in the Île-de-France region, is set to make its first trip to the green bond market. The borrower intends to use green bonds for around 60% of its financing needs until the end of 2025.
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Three Chinese companies decided to tackle their refinancing needs on Monday with new bonds, grabbing a short issuance window ahead of a public holiday in Hong Kong and some other Asian markets on Wednesday.
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A trio of senior borrowers paid minimal new issue premiums in euros this week as Swedbank and AIB Group tapped a sweet spot of demand for bail-inable debt, while Macquarie got attractive pricing compared to its dollar curve.
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Macquarie shed over a third of its order book on Wednesday as it priced its third euro deal in 18 months at what was deemed a “very tight” level. It was joined in the senior market by Swedbank, which was issuing its first callable non-preferred bond.
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One of China’s big four banks, Agricultural Bank of China, and securities house Haitong International Securities Group joined the flurry of Chinese bond deals in the offshore market this week.
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Chinese conglomerate Fosun International has sold its second dollar bond of 2021, raising $500m once again.
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Europe’s high grade corporate bond market ignored a deeply red day in equity markets on Tuesday, and Volkswagen Leasing and Eurofins Scientific got a decent run at printing new debt.
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The European Investment Bank failed to impress market participants on Tuesday with an order book far smaller in size than usual for an Earn benchmark and no move in the spread after guidance.
