Rampant corporate bid continues through Brexit maelstrom with Marsh, Incommunities

By Jon Hay
14 Mar 2019

The exceptionally strong demand in Europe’s corporate bond market has remained unaffected by the turmoil in the UK’s Parliament, as MPs vote night after night on repeated motions that could determine the country’s future inside or outside Europe. On Thursday, two issuers attracted huge books: Marsh & McLennan Companies, the US insurance and investment services group making its debut in euros, and Incommunities Group, a Leeds-based housing association, in sterling.

“Even though there are plenty of things to be worried about, the technicals are so super-strong,” said a banker on MMC’s deal.

The issuer, rated Baa1/A-, both with negative outlooks, owns insurance broker Marsh, risk adviser Guy Carpenter, and consultancies Mercer and Oliver Wyman. It was bringing the ...

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