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High yields and tight senior/sub spread fuel enthusiasm for issuance among investors and issuers
◆ Pair help market to end week on a high note ◆ GSK offers pick-up over peer AstraZeneca ◆ Glencore finds demand at eight years
◆ French borrower takes €1.15bn across two tranches ◆ Balance struck between size and price to keep investors onside ◆ Small concession offered
Data
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Semiconductor equipment firm pounces after raising profit guidance -
◆ Sydney Airport and Indigo print single tranche euro deals ◆ Each deal pulled in peak books of more than €4bn ◆ Tight pricing shows investors still favour defensive credits
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Blackouts keep issuance sparse
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◆ Issuer finds solid demand at four year tenor ◆ Reoffer tighter than a €750m 4.25 year placed last year ◆ Single digit new issue premium paid
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◆ Issuer’s first EuGB hybrid 10 times covered at peak ◆ Tight senior/sub spreads attractive for issuers... ◆ ...while solid yields entice investors
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◆ Canadian retail chain lands euro bond close to equivalent dollars ◆ Some concession needed for first new euro line in two years ◆ Minimal attrition as issuer pushes through 100bp barrier
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