There were a couple of additions to the euro corporate pipeline last week, including a mandate announcement from Australia Pacific Airports (Melbourne).
The Melbourne airport operator (Baa1/BBB+, Moody's/S&P) is preparing to print a 10-year senior secured euro offering via BNP Paribas, Citigroup and Goldman Sachs. The company is holding investor calls and meetings which start on May 9.
If issued, the transaction would be the sixth euro deal from an Australian corporate this year as investors look for geographical diversification, while borrowers can achieve a diverse funding mix.
US company Corning (Baa1/BBB+, Moody's/S&P) is also marketing a two-tranche euro trade, consisting of an expected €300m three-year and a benchmark eight-year, via Goldman Sachs and JP Morgan.
Two days of calls started on May 3, with bankers saying the deal is expected to hit the market this Tuesday.
"We don't really have a tech sector name in the euro market so it's good to see this trade. I believe it's also the company's debut euro offering, so it's a good example of how corporates are not just refinancing in this market and that we're seeing new names," said the syndicate head.
Corning offers high-performance glass for computers and has previously issued in Japanese yen but not in euros, according to IFR data.