New Issuance

New Issuance Benelux Market

New Issuance - Market observation per 8 Novmeber 2021 -

EMEA bond and loan markets recovered at the end of Q3 ‘21

  • After a busy July ’21 but a quiet August ‘21, European loan and bond markets recovered during September ‘21
  • 56% of EMEA’s primary loan market issuance (sub-IG and IG) in Q1 ’21 to Q3 ’21 was related to refinancing activity
  • Return of M&A activity further supported EMEA loan volumes. 23% of EMEA’s primary loan market issuance in the first nine months of 2021 was related to M&A activity. Corporates took advantage of robust loan market conditions and an improved bond market
  • As large corporates focus on loan and bond markets, EMEA Schuldschein issuance dropped by 5% during the first nine months of 2021 compared to the same period previous year. Investor demand in the Schuldschein market remains favourable, with a lot of transactions closing heavily oversubscribed

EMEA bond volumes started off slow in Q4 ’21

  • The pipeline of new bonds in Europe tightened in October ’21. Corporates postponed new issuance to launch their corporate earnings reports and investors held back waiting for the ECB policy meeting
  • The first week of November was very quieted with the 16th zero issuance day of the year, and the first zero sales day since September ’21. Early November, the pipeline remained thin with a few well-known corporate issuers
  • Activity on Europe’s primary market picked up during the second week of November, having the busiest day in two months