Corporates cool as excess cash runs out

Anheuser-Busch InBev beer brands for new website
By Jon Hay, Owen Sanderson
27 Mar 2019

Almost everyone in the European corporate bond market admits they were wrongfooted by the storm of demand that has overwhelmed issuers this year. But the weather has changed again, as unexpectedly. From last week to this, the temperature is cooler and new issue premiums are, in most cases, back.

Nasdaq was an exception on Monday with a €600m 10 year that one of the leads saw as having a new issue premium of minus 5bp. 

But Volkswagen Financial Services was much more representative, paying NIPs on each of its three, 5.5 and 8.5 year tranches the same day. ...

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