Schnieder leads corporates back into bonds

There has been no Christmas miracle in the corporate bond market: spreads are still high, investors are still wary and the year ahead still looks worrying. But the euro primary market has reopened today, as issuers push ahead with this year’s capital raising. The stable utilities sector is still attracting investors’ attention, with the leads for a July 2013 deal from Schneider Electric building a book of more than Eu3.5bn for a Eu750m deal. There are also deals from E.On and GDF Suez expected today. The auto industry is also represented, by a five year transaction from Volkswagen Financial Services which is being marketed at mid-swaps plus 375bp to 400bp. For full coverage of all the deals this week, read EuroWeek this Friday.