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EU risk markets are firmly on the front foot this morning, which has been sufficient to entice Icade (BBB+) to the market ahead of Tuesday's US presidential election.

The French real estate company is refreshing its curve with a new EUR500m no grow 9yr line. Marketing began for the Nov 2025 deal at m/s +100 area IPTs via leads BNP Paribas, CM-CIC, JP Morgan, Natixis and SG CIB.

Icade visited the Euro market as recently as May this year when it printed a EUR750m 1.75% Jun 2026. This was bid at circa +75 pre-announcement whilst the borrower's older EUR500m 1.875% Sep 2022 line was at +53 bid. An interpolation of the two points to fair value at around m/s +71 for the new issue. which signifies a NIC of around 29bps at IPTs.

The transaction has been launched amidst a risk-on tone which comes after Hillary Clinton was cleared of any wrongdoing by the FBI regarding an email probe. As at 10.31 GMT the Stoxx600 was up 1.64%, spearheaded by financials which were up 2.62%. In synthetic markets the iTraxx Main was -1.92 at 74.53 with the Crossover 7.79 tighter at 332.01.

Looking ahead and while supply is expected to be limited over the next few sessions there are, however, a few issuers are in the pipeline who may look to access the market, depending on Tuesday's results and the resulting effects on global markets.

The pipeline includes the likes of LyondellBasell Industries, American Express and Medical Properties whilst Akelius Residential Property AB, Louis Dreyfus Company BV and AbbVie Inc are all conducting roadshows this week.

In other corporate news, earnings are light today with just five 5 and Stoxx600 and 12 S&P500 companies reporting. One of those to report was Ryanair which announced it had made a post-tax profit of EUR1.168bn in H1 2016 which is up 7% and was in line analysts' expectations. This has resulted in the company's stock price rising as much as 5.6% this morning.

Ryanair has two Euro issues outstanding although the positive earnings report has had very little effect where both the EUR850m 1.875% Jun 2021 and EUR850m 1.125% Mar 2015 lines are bid unchanged from Friday.

Looking to the secondary market, deals in our snapshot show little correlation in terms of spread changes from Friday with spreads having moved by no more than 1bp in either direction.

Issuer Deal Re-offer spread Current spread & change vs previous day Rating
CAPFP 0.500% 11/21 MS+52 MS+50 (unch) BBB (S&P)
RENAUL 0.625% 11/21 MS+60 MS+60 (-1) Baa1/BBB
BASGR 0.750% 11/26 MS+33 MS+33 (unch) A1/A
BASGR 0.000% 11/20 MS+15 MS+14.5 (-0.5) A1/A
FCGNZ 0.750% 11/24 MS+55 MS+56 (+1) A-/A
GFSLN 1.500% 01/23 MS+140 MS+130.5 (unch) BBB-
ABESM 1.000% 02/27 MS+75 MS+75.5 (+0.5) BBB/BBB+
DOV 1.250% 11/26 MS+85 MS+83.5 (+0.5) A3/A-/A-
STLNO 1.625% 11/36 MS+68 MS+69 (unch) Aa3/A+
STLNO 0.750% 11/26 MS+38 MS+41 (+1) Aa3/A+
TVOYFH 2.625% 01/23 MS+260 MS+243.5 (unch) BB+/BBB
WHR 1.250% 11/26 MS+87 MS+80.5 (unch) Baa1/BBB/BBB
PUBFP 0.500% 11/23 MS+50 MS+49 (unch) Baa2/BBB+
PPG 0.875% 11/25 MS+60 MS+54.5 (-1) A3/A-/A-
PPG 0.000% 11/19 MS+25 MS+19 (-0.5) A3/A-/A-
ORAFP 0.875% 02/27 MS+45 MS+43.5 (unch) Baa1/BBB+/BBB+
MRK 1.375% 11/36 MS+50 MS+40.5 (unch) A1/AA
MRK 0.500% 11/24 MS+28 MS+26 (unch) A1/AA
VZ 1.375% 11/28 MS+83 MS+80 (+0.5) Baa1/BBB+/A-
VZ 0.875% 04/25 MS+65 MS+61 (unch) Baa1/BBB+/A-
VZ 0.500% 06/22 MS+50 MS+43.5 (-0.5) Baa1/BBB+/A-

matthew.barrett@informagm.com

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