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Vattenfall, Suez Bond Sales Extend Record Issuance in Europe
By Caroline Hyde
April 3 (Bloomberg) -- Vattenfall AB and Suez Environnement SA led 19.3 billion euros ($26 billion) of corporate bond sales this week, a 26 percent increase from the previous seven days and extending the year’s record issuance.
Sales held above the weekly average of 18.8 billion, pushing issuance this year to a record 380 billion euros, according to data compiled by Bloomberg. Paris-based Suez Environnement raised 1.8 billion euros in its first bond sale, and Vattenfall, the Nordic region’s biggest utility, sold 1.35 billion pounds ($1.99 billion) of bonds in its first issue in the U.K. currency.
“Most investment-grade companies that needed to refinance have now done so,” said Nick Burns, a credit strategist at Deutsche Bank AG in London. “But we’re still seeing some issue opportunistically as well as new issuers come forward.”
Corporate bond sales have more than doubled this year from the same period in 2008 as investment-grade companies tapped investor demand for record yields relative to government debt. Issuance rose this week along with stocks as world leaders at the Group of 20 nations summit in London agreed on plans to fight the worst financial crisis since the Great Depression.
The extra yield investors are demanding to buy investment- grade non-financial corporate debt fell 16 basis points this week to 2.91 percentage points, the lowest in at least five months, according to Merrill Lynch & Co.’s Euro Corporates Non- Financial bond index. A basis point is 0.01 percentage point.
World leaders at the Group of 20 summit agreed on a regulatory blueprint for stricter limits on hedge funds, credit- rating firms and risk-taking by banks, as well as pledging more than $1 trillion to cushion an economic fallout. The MSCI World Index of 23 developed countries climbed 7.6 percent this week.
Decade-High Returns
Securities issued by non-financial companies returned four percent this quarter, the most since 1998, according to Merrill indexes. European corporates “are the star performer,” analysts at UniCredit SpA wrote today in a note to clients.
Suez Environnement, Europe’s biggest water company, sold 1 billion euros of 4.875 percent bonds priced to yield 225 basis points more than the benchmark mid-swap rate. An 800 million- euro issue of 6.25 percent 10-year notes had a spread of 300.
Suez Environnement’s “inaugural” transaction is “part of the financing, diversification and extension of debt maturity policy,” the company said in a statement.
Vattenfall in Stockholm raised 350 million pounds of bonds due bonds due 2019 priced at 295 basis points over similar- maturity U.K. government debt. The utility also sold 1 billion pounds of notes due 2039 at a spread of 275 basis points.
Russia Opening
OAO Gazprom, Russia’s largest company, sold 400 million Swiss francs ($353 million) of bonds, the first international corporate debt issue from the country in nine months. The two- year note sale may open the door for other Russian companies including oil pipeline operator OAO Transneft and lender VTB Group to issue bonds, said Luis Costa, an emerging-markets debt analyst at Commerzbank AG.
Securitas AB, the world’s largest security guard company, sold 500 million euros of 6.5 percent four-year bonds priced to yield 420 basis points more than the benchmark mid-swap rate. The issue was the company’s first in “a few years,” according to Micaela Sjoekvist, head of investor relations.
Deutsche Telekom AG raised 700 million pounds from bonds due 2022 in its largest bond sale in the U.K. currency. European companies issued 2.4 billion pounds of bonds in total this week, according to data compiled by Bloomberg.
“Deutsche Telekom has now refinanced 3.3 billion euros of the 4.4 billion debt it has maturing this year,” Andreas Fuchs, a Bonn, Germany-based spokesman for the company said in an interview today. “We use all opportunities on different bond markets.”
Groupe Auchan SA, France’s second-biggest retailer by sales, issued 500 million euros of six-year bonds at a yield of 195 basis points over the mid-swap rate, and 500 million euros of 10-year notes at a spread of 270.
BASF AG, the world’s largest chemical company, also sold 1 billion euros of bonds this week, due in October 2012. The notes issued through BASF Finance Europe NV were priced to yield 160 basis points more than the mid-swap rate.
To contact the reporter on this story: Caroline Hyde in London [email protected].
Last Updated: April 3, 2009 06:47 EDT
By Caroline Hyde
April 3 (Bloomberg) -- Vattenfall AB and Suez Environnement SA led 19.3 billion euros ($26 billion) of corporate bond sales this week, a 26 percent increase from the previous seven days and extending the year’s record issuance.
Sales held above the weekly average of 18.8 billion, pushing issuance this year to a record 380 billion euros, according to data compiled by Bloomberg. Paris-based Suez Environnement raised 1.8 billion euros in its first bond sale, and Vattenfall, the Nordic region’s biggest utility, sold 1.35 billion pounds ($1.99 billion) of bonds in its first issue in the U.K. currency.
“Most investment-grade companies that needed to refinance have now done so,” said Nick Burns, a credit strategist at Deutsche Bank AG in London. “But we’re still seeing some issue opportunistically as well as new issuers come forward.”
Corporate bond sales have more than doubled this year from the same period in 2008 as investment-grade companies tapped investor demand for record yields relative to government debt. Issuance rose this week along with stocks as world leaders at the Group of 20 nations summit in London agreed on plans to fight the worst financial crisis since the Great Depression.
The extra yield investors are demanding to buy investment- grade non-financial corporate debt fell 16 basis points this week to 2.91 percentage points, the lowest in at least five months, according to Merrill Lynch & Co.’s Euro Corporates Non- Financial bond index. A basis point is 0.01 percentage point.
World leaders at the Group of 20 summit agreed on a regulatory blueprint for stricter limits on hedge funds, credit- rating firms and risk-taking by banks, as well as pledging more than $1 trillion to cushion an economic fallout. The MSCI World Index of 23 developed countries climbed 7.6 percent this week.
Decade-High Returns
Securities issued by non-financial companies returned four percent this quarter, the most since 1998, according to Merrill indexes. European corporates “are the star performer,” analysts at UniCredit SpA wrote today in a note to clients.
Suez Environnement, Europe’s biggest water company, sold 1 billion euros of 4.875 percent bonds priced to yield 225 basis points more than the benchmark mid-swap rate. An 800 million- euro issue of 6.25 percent 10-year notes had a spread of 300.
Suez Environnement’s “inaugural” transaction is “part of the financing, diversification and extension of debt maturity policy,” the company said in a statement.
Vattenfall in Stockholm raised 350 million pounds of bonds due bonds due 2019 priced at 295 basis points over similar- maturity U.K. government debt. The utility also sold 1 billion pounds of notes due 2039 at a spread of 275 basis points.
Russia Opening
OAO Gazprom, Russia’s largest company, sold 400 million Swiss francs ($353 million) of bonds, the first international corporate debt issue from the country in nine months. The two- year note sale may open the door for other Russian companies including oil pipeline operator OAO Transneft and lender VTB Group to issue bonds, said Luis Costa, an emerging-markets debt analyst at Commerzbank AG.
Securitas AB, the world’s largest security guard company, sold 500 million euros of 6.5 percent four-year bonds priced to yield 420 basis points more than the benchmark mid-swap rate. The issue was the company’s first in “a few years,” according to Micaela Sjoekvist, head of investor relations.
Deutsche Telekom AG raised 700 million pounds from bonds due 2022 in its largest bond sale in the U.K. currency. European companies issued 2.4 billion pounds of bonds in total this week, according to data compiled by Bloomberg.
“Deutsche Telekom has now refinanced 3.3 billion euros of the 4.4 billion debt it has maturing this year,” Andreas Fuchs, a Bonn, Germany-based spokesman for the company said in an interview today. “We use all opportunities on different bond markets.”
Groupe Auchan SA, France’s second-biggest retailer by sales, issued 500 million euros of six-year bonds at a yield of 195 basis points over the mid-swap rate, and 500 million euros of 10-year notes at a spread of 270.
BASF AG, the world’s largest chemical company, also sold 1 billion euros of bonds this week, due in October 2012. The notes issued through BASF Finance Europe NV were priced to yield 160 basis points more than the mid-swap rate.
To contact the reporter on this story: Caroline Hyde in London [email protected].
Last Updated: April 3, 2009 06:47 EDT
ciao Giontra... Imark
Forumer storico
Tks Mark
Di quella emissione Veolia si è più saputo niente
o sono io che non ci ho fatto caso?
Sbaglio o è nella lista delle nuove emissioni di questa settimana ?...
Sbaglio: è Suez Environnement...
Allora hai ragione, temo non si sia vista... più tardi controllo...