Revival continues apace as premiums shrink

June 23, 2010 12:00 am

Borrowers this week raised the stakes in the corporate bond market revival, aspiring to raise larger and more competitively-priced issues than even last week’s. Germany’s Volkswagen Bank printed a Eu1bn bond on Monday at a new issue premium of only mid-swaps plus 5bp, while Italian utility Eni also grabbed Eu1bn, paying a concession of about plus 10bp. On Wednesday, Czech utility Cez looked set to revisit the market, and bond bankers expect primary deal flow to remain high in the next fortnight.

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