The search for yield is shovelling more fuel on to the fire of an already blazing corporate bond market. Investors are keeping a close watch on Enel’s euro sustainability-linked bond issue, which is being marketed via investor calls on Wednesday, as a gauge of the market's health.
Although issuance was very heavy in September, there is plenty more coming after a lighter week last week.
Unrated French media group Lagardère has received a modest €825m of demand for its €500m no-grow seven year. It will price it at 250bp over mid-swaps, in from initial price thoughts