Investors pour money into corporate pockets
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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