Bertelsmann pulls plug as market chokes on supply

Indigestion
By Nigel Owen
17 May 2018

German media company Bertelsmann pulled a €500m seven year corporate bond issue on Thursday as the market showed signs of indigestion after what was already one of the busiest weeks of the year for corporate issuance.

“On Wednesday it felt like the window was about to shut,” said a syndicate banker. “Thursday showed it is now shut.

“We had €11bn of supply on Monday and Tuesday,” he added. “That is twice the weekly average this year, so it is no surprise we can ...

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