Corporates blaze on as Telefónica gets a blowout
September’s remarkable run of corporate bond issuance continued into a third day today, as investors ploughed money into a wide variety of European corporate risk in preference to almost anything else. The market performance did not seem quite so pristine as in the past two days – one or two deals have widened from launch – but investors’ receptivity to issues remains razor-keen.
Telefónica, the Spanish telecoms company, was perhaps the most significant deal for the market today, as it was the first benchmark transaction by an investment grade Spanish company since Iberdrolas issue on March 27.
But France Télécom and Linde also issued, and sterlings term began with a £250m 15
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