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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
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Issuer could step up pace of deals
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Corporate and unsecured financial issuance unlikely to restart in earnest as yields climb
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◆ Sole IG corporate bond syndication of the day ◆ Less concession required than recent deals ◆ Central bank calendar starts to squeeze supply
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◆ New paper subordinated to existing hybrid stack ◆ Investors keen to pick up high yielding deal ◆ Deal seen as a sign of commitment to hybrid capital
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◆ German industrial borrower prints €500m five year ◆ Issuer skips guidance on solid demand ◆ HLD Europe follows with a sub-benchmark six year
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Concessions climb as Middle East war rocks sentiment and Amazon redefines clearing levels
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