Corporate issuers burst out of pipeline

Issuers looking to avoid next week’s heavy data schedule are hitting the markets this week, giving observers a strong indication of the likely premiums and levels of demand for corporates in Europe. Philip Morris is in the market with a dual tranche deal with price talk on the three year part at 100bp area over mid-swaps and the seven year at 135bp-140bp over mid-swaps. The deal follows yesterday’s Eu2bn dual tranche issue from E.On and GE Capital’s Eu1bn 10 year bond. Read EuroWeek on Friday to learn more about these transactions and the other deals expected to hit the market.