AB InBev, VWFS issue big on down day, but chunky concessions are back

AB Inbev
By Mike Turner
30 Mar 2020

The new pattern that investment grade companies will dare to issue bonds in the European market, even on days when stockmarkets are falling, was confirmed today when Anheuser-Busch InBev launched a three tranche bond that will be at least €4bn, while Volkswagen has brought the first car company bond since the crisis intensified, although it is from its financial services arm, which is backed by loans.

Thermo Fisher Scientific, the US life sciences group rated Baa1/BBB+BBB, is also looking for €1bn of euro bonds.

Syndicate bankers say that corporate credit markets have repriced wide enough that they have separated themselves from plunging asset prices elsewhere. 

This is despite plenty of bad news on Monday, with oil ...

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