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The European Investment Bank and the Region of Madrid stood out in the public sector bond market this week, with the former achieving its biggest ever order book for a euro benchmark. -
Corporate bond bankers expect May to be a blockbuster month, as syndicate officials say that coronavirus pandemic fatigue has set in and the market has stopped worrying about it.
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Signify, the Dutch lighting company, got roaring demand for its acquisition bridge takeout bond on Thursday — its maiden issue — as it tempted investors with an eye-catching initial spread.
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Rabobank has become the first Dutch bank to enter the credit markets in over two months, after launching a non-preferred senior bond on Wednesday. The issuer tacked on a call option, which bankers say are cheap to deliver in the market at the moment.
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Any impression that the European corporate bond market was returning to more measured levels of activity was zapped on Tuesday, when five new issues were launched that had to squeeze more than €35bn of bids into just €6.25bn of paper.
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The European Investment Bank achieved its biggest ever order book in euros on Tuesday, as it sold its first seven year benchmark of the year.
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Caisse Française de Financement Local (Caffil) has launched the first negative yielding covered bond since the onset of the coronavirus crisis in Europe, after linking the use of proceeds from the deal to fighting against the effects of the pandemic.
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The region of Madrid and the European Investment Bank are both marketing seven year euro deals, with the former preparing the first green labelled bond by a Spanish government entity. Elsewhere in the euro public sector bond market, Ontario Teachers’ Finance Trust is moving forward with its first bond in the currency.
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Swedbank was paying less than fair value for a new euro senior deal on Friday, according to market participants, with the bank raising funding a day after publishing its first quarter results.
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Wells Fargo was set to raise €3bn of senior debt in the euro market on Friday, becoming the first US bank to visit the currency following first quarter results.
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Shandong Qingyuan Group Co, a Chinese manufacturer and distributor of petrochemical products, is in talks with lenders to delay payment on a $1bn loan sealed last September as volatile oil prices take a toll on the company’s business.
