High grade corporate issuers find roaring reception from market as window narrows

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By Mike Turner
08 Oct 2020

Risk appetite has returned to the high grade corporate bond market this week, as investors looked to snap up what they could before presidential election volatility and earnings blackouts create a desolate primary market.

At the start of the week, UK airport Heathrow and US drinks firm PepsiCo managed to move spreads by about 45bp during execution.

Elsewhere, German crossover issuer Schaeffler cut 0.5% off during execution on both tranches of its Monday trade that was marketed on a yield basis.

“Decent book sizes,” ...

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