h4HEYûAREûlNANCINGûHOUSINGû
infrastructure projects,” said the second
banker. “The average life of the portfolio is
around 15 to 16 years, and if you look at the
bonds outstanding and calculate the average
maturity, you will come close to that
number.”
4HEûISSUERûlRSTûMARKETEDûTHEû*ULYûû
trade at mid/high 20s over OLOS. After a
couple of iterations, the notes priced at plus
23bp. The second banker said that gave a
NIP of 4bp-5bp.
“For a non-regular issuer in this maturity
bucket, that’s a pretty decent number,” he
said.
$EMANDûREACHEDûOVERûõBN ûEXCLUDINGû
lead interest. There were orders from
72 accounts from 12 countries, withGerman and Austrian investors taking
û4HEû"ENELUXûANDû&RANCEûBOTHû
took 21%.
The issuer intends to raise €1.5bn in total
via benchmark issues in 2018, with a second
placement planned for September or
October.
"ELlUS, Credit Agricole, KBC, LBBW and
Societe Generale ran the trade.ALL INTERNATIONAL BONDS (1/1/2018–30/6/2018) COUNTRY VS TYPE OF INSTRUMENT
All issues Straights FRNs Convertibles
No of issues Amount US$(m) No of issues Amount US$(m) No of issues Amount US$(m) No of issues Amount US$(m)
Germany 338 235,828 275 198,711 63 37,117 – –
United Kingdom 207 160,468 138 99,079 68 61,059 1 330
France 194 147,719 156 125,358 33 20,029 5 2,332
Luxembourg 119 81,897 110 78,356 8 3,138 1 403
Spain 70 79,734 50 70,073 18 8,747 2 915
Netherlands 130 70,267 103 58,086 25 11,588 2 592
Sweden 92 45,985 67 38,748 25 7,237 – –
Italy 47 41,695 34 33,482 13 8,213 – –
Switzerland 36 39,143 26 30,957 7 5,767 3 2,419
Belgium 22 33,812 18 31,876 2 1,667 2 270
Norway 52 24,135 40 21,362 12 2,774 – –
Finland 47 21,036 39 19,332 8 1,704 – –
Ireland 18 18,043 16 17,696 2 348 – –
Austria 32 17,846 29 17,035 2 73 1 739
Denmark 22 13,310 18 12,759 4 552 – –
Portugal 7 11,380 7 11,380 – – – –
Russian Federation 9 8,193 9 8,193 – – – –
Turkey 10 7,456 10 7,456 – – – –
Greece 3 4,381 3 4,381 – – – –
Kazakhstan 4 4,022 4 4,022 – – – –
Romania 2 3,663 2 3,663 – – – –
Slovenia 2 3,312 2 3,312 – – – –
Poland 3 3,014 3 3,014 – – – –
Slovak Republic 2 2,140 2 2,140 – – – –
Guernsey 6 1,360 4 964 1 382 1 14
Ukraine 1 1,334 1 1,334 – – – –
Andorra 1 1,230 1 1,230 – – – –
Croatia 1 868 1 868 – – – –
Latvia 1 783 1 783 – – – –
Iceland 4 760 3 748 1 13 – –
Jersey 3 637 2 636 – – 1 1
Montenegro 1 607 1 607 – – – –
Belarus 1 600 1 600 – – – –
Macedonia 1 592 1 592 – – – –
Hungary 2 521 2 521 – – – –
Azerbaijan 1 497 1 497 – – – –
Bulgaria 1 464 1 464 – – – –
Georgia 1 303 1 303 – – – –
Isle of Man 1 300 1 300 – – – –
Estonia 1 272 1 272 – – – –
Cyprus 1 250 – – – – 1 250
Malta 1 185 – – 1 185 – –
Europe 1,497 1,090,046 1,184 911,189 293 170,591 20 8,266
United States 706 526,693 543 423,826 162 102,361 1 507
Canada 141 93,711 97 73,497 31 19,070 13 1,144
North America 847 620,404 640 497,322 193 121,431 14 1,651
Australia 73 34,210 55 22,636 16 11,279 2 294
New Zealand 7 2,533 6 2,463 1 70 – –
Australasia 80 36,742 61 25,099 17 11,349 2 294
Mexico 21 19,508 20 18,740 1 768 – –
Argentina 5 11,675 4 10,188 1 1,487 – –
Brazil 17 9,306 17 9,306 – – – –