New European bond issuance had a hesitant start to 2022, with the first week constrained by the release of hawkish minutes from the Federal Reserve. But the second week more than made up for it: A new record was set with over 144 billion euros ($165 billion) of Europe-originated syndicated bond deals printed so far this year.
This week’s more stable market conditions provided the perfect opportunity for corporate treasurers to get ahead of their funding needs. As has become standard during the pandemic, the biggest share of just over half has been taken by the official sector (governments, supranationals and related agencies known collectively as SSAs). A 30-year deal from Italy got the ball rolling last week and has been swiftly followed by 10-year and longer deals from Spain, Portugal, Ireland and Cyprus — with others soon to come.