Demand for corporate bonds asks questions of summer shutdown

By Nigel Owen
20 Jul 2017

Deep into July, the European corporate bond market is in full voice. €23bn of orders for €7bn of bonds from seven borrowers printing everything from two year FRNS to 20 year bonds was the tale of the tapes this week. But still many market participants harp on about a summer shutdown as inevitable, despite all evidence to the contrary.

Thermo Fisher Scientific priced a €2.6bn four tranche offering on Tuesday to raise more than half of the debt financing element of its $7.2bn acquisition of Patheon.

Final order books were €11.7bn, including €3.7bn for the 20 year tranche. Quite often a multi-tranche deal has a weak tranche, ...

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