Bloomberg

(Bloomberg) -- The busiest year for corporate bond issuance has resumed with deals in Europe by Glencore Plc, Sanofi and Henkel AG.

Glencore, the world’s biggest coal exporter, is marketing seven-year euro bonds, a spokesman said on Tuesday. French drugmaker Sanofi is offering euro notes due in 2020, 2022, and 2027, while Henkel is selling a four-part deal denominated in dollars, euros and pounds, according to people familiar with the matter, who aren’t authorized to speak publicly and asked not to be identified.

Borrowers are flocking to Europe’s markets on investors’ first day back at work after the summer break came to an unofficial end with the Labor Day holiday in the U.S. on Monday. Companies are on track to issue a record amount of investment-grade bonds in euros this year after the European Central Bank increased stimulus measures that suppressed borrowing costs.

“There’s a lot of cash to be put to work now, so, first come first served,” said Hyung-Ja de Zeeuw, an Amsterdam-based senior credit strategist at ABN Amro Bank NV. “You want to be in the first round of deals.”

Officials at Paris-based Sanofi and Dusseldorf, Germany-based Henkel weren’t immediately available to comment on the sales.

The average yield on investment-grade euro debt touched a record low of 0.62 percent last week and was at 0.64 percent on Monday, according to Bloomberg Barclays index data.

To contact the reporters on this story: Karl Lester M. Yap in London at kyap5@bloomberg.net, Selcuk Gokoluk in London at sgokoluk@bloomberg.net. To contact the editors responsible for this story: Shelley Smith at ssmith118@bloomberg.net, Mark McCord

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