Investors pour money into corporate pockets

10 Oct 2012

Borrowers from every shade of the credit spectrum have been in action in Europe’s corporate bond market this week, from Wednesday’s launch by triple-A Cambridge University of a 40 year bond at a staggering 60bp over Gilts — tighter than KfW — through double-A Nestlé and single-A Air Liquide to the peripheral heavy hitters Enel, Terna, Gas Natural and Enagas.

The scale descends through double-B Portugal Telecom, the third of Portugal’s blue chips to come to market since September’s thaw, which has launched a 5.5 year bond at 6.25% area. The high yield market is receptive, too, though only one issuer has appeared yet — packaging group Albéa.

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