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(Bloomberg) — A ceasefire between Israel and Iran — although tentative and possibly fleeting — drew the biggest rush of borrowers in two weeks into Europe’s primary bond market.
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As many as 19 issuers are looking to raise at least €10.3 billion ($11.9 billion), with the biggest deal a three-part offering from oil and gas giant TotalEnergies SE, according to data compiled by Bloomberg. Many jumped into action having not even publicly announced the sales beforehand.
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The French energy company is looking for at least €1.5 billion through a financing subsidiary. It was joined in the market by firms including Ford Motor Co., Banco Santander SA with an Addition Tier 1 bond, and Italian gas pipeline company Snam SpA. The sales follow just eight deals on Monday and none on Friday.
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The busy activity came as gauges of European credit risk for investment-grade and high-yield firms both fell to the lowest in a week, after US President Donald Trump announced a ceasefire and Israel said it had agreed. Tehran has not confirmed publicly that it agreed to stopping hostilities.
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Hours after the declaration, Israel said it had identified a missile launch from Iran, and its defense minister instructed the military to “respond forcefully,” showing the tentative nature of any agreement. Still, credit risk gauges stayed firm and even tightened further.
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Also in the market is Slovenia, the first European government to offer a sustainability-linked bond, tying its interest payments to environmental targets.
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That could provide a template for other countries in the region to follow suit. Such SLBs have so far only been sold by a few countries, including Chile — which is also raising euro debt on Tuesday.
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