Bond Issuance Boom Signals Return From Summer - Liquidnet European Bond Market Update: David Everson Gives A View From Liquidnet’s EMEA Trading Desk As Traders Return From Their Summer Breaks

David Everson, Head of Trading, Fixed Income EMEA, Liquidnet, said:  “After a slow summer period, yesterday seemed to mark the unofficial re-opening of the European new issue market with the busiest day of issuance since the start of June. Volkswagen led the way with a two-part Green Hybrid offering, with both tranches trading well above re-offer into the afternoon. A number of issuers are coming to market today including Telefonica, BT and Eurofins Scientific and with a healthy pipeline we expect a busy few weeks going into September and as investors prepare for the remainder of the year.

“Elsewhere in new issue land, we have our eyes on the much-discussed AT1 sector with reports that UBS is exploring its first sale of AT1 paper since its acquisition of Credit Suisse, and with the bank due to publish their first earnings report since the takeover tomorrow. Details of their potential issuance plans are likely to emerge in the coming days.”