Barclays
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The going was heavy for dollar borrowers as investors demanded extra concessions amid poor performance as CVS Healthcare’s trade from the previous week appeared to re-price the market. -
Corporate bond issuers who sold their deals earlier the week found execution much easier than those who came later in the week. Strong order books and single digit new issue premiums gave way to premiums of as much as 20bp and one deal having to be downsized.
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Swissport, the aviation services group, this week launched a €325m add-on to its euro leveraged loan to finance its acquisition of Aerocare, a peer based in Australia.
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The African Development Bank was awash with superlatives from SSA bankers watching on jealously as it printed a $2bn March 2021 global through mid-swaps on Wednesday. The supranational — like other SSAs in dollars this week — benefited from widening swap spreads that some analysts believe have further to go.
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Abu Dhabi Commercial Bank has named leads for its first publicly distributed dollar bond for three years.
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Tikehau Capital, the French alternative investment manager, has committed a €250m order for the IPO of DWS Group and has initiated discussions on potential cooperation between the two firms, including on alternative asset management distribution.
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Public sector borrowers found buckets of dollar demand on Tuesday, as a French agency sold its largest ever benchmark in the currency and a supranational printed a trade at the upper end of its historical size range. Another supra is lined up to test whether that demand will hold on Wednesday.
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After a reasonable wait, investors are starting to see the more frequent investment grade corporate bond issuers return to the market. On Tuesday, French materials company Saint-Gobain and French telecoms operator Orange sold benchmark deals and UK media company WPP sold a dual-tranche issue.
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India’s NTPC sold its first dollar bond in two years on Monday, but the market backdrop forced the usually popular issuer to pay up.
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A pair of public sector borrowers are bringing short end dollar benchmarks as ever widening swap spreads support trades at that part of the curve.
