Portugal
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Bayer’s €5bn four-tranche corporate bond offering on Tuesday not only cleared the way for other issuers to approach the market, but the €22.5bn of demand gave four issuers the confidence to sell a variety of deals in Europe on Wednesday. €3.5bn was issued in the euro market and £1bn in sterling. -
Portugal’s Caixa Geral de Depósitos is lining up a tier two transaction, as bankers look forward to the reopening of primary markets in Europe.
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A supranational dollar deal ran away with April’s top spot in BondMarker, outstripping the rest of the table by a good margin and clocking in as the third most highly rated deal of the year.
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A pair of sovereigns entered the euro market this week, both returning to the long end of the curve for the first time in three years and drawing large books.
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Portugal printed its first new long dated benchmark since September 2014, drawing the week’s largest order book in the public sector bond market for its 15 year deal.
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Despite the political risk surrounding the formation of the Italian government, one asset manager believes its debt is better value than that of some of its peers in the peripheral Europe.
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A trio of euro borrowers picked up a combined €8.5bn on Tuesday, seemingly without testing the limits of demand in the market.
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Italy and Portugal showed this week that any concerns about the pace of eurozone quantitative easing halving to €30bn from January were overdone as they each built their largest ever benchmark books. Italy’s trade was particularly notable, as it was the last syndication by its retiring head of funding — and market stalwart — Maria Cannata.
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French toll road operator Autoroutes du Sud de la France on Wednesday followed the path its compatriot Orange had taken on Tuesday by issuing a €1bn 12 year bond, while Deutsche Bahn and Ren Finance on Thursday opted for the 10 year area of the curve. Investors appear keen to put their money to work at the longer end of the corporate bond curve.
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State owned German rail operator Deutsche Bahn steamed back into the investment grade corporate bond market on Thursday, choosing an unusual maturity that was still well received by investors. The same applied to Ren Finance, which brought a sub-benchmark 10 year deal following a roadshow earlier in the week.
