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◆ US drugs firm pays single digit NIP ◆ Friday deals growing more common ◆ Issuer moves ahead of anticipated quiet week
French company diversifies funding after inaugural dollar deal last year
Issuers rewarded with tight pricing
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Complex refis, Covid-hit industries and chunky dividends are the order of the day in levfin, as banks clear out the tougher end of their pipeline in the last weeks of the quarter. -
Despite the disruption that the coronavirus pandemic and, more recently, volatility in global markets have brought to emerging market debt, issuers in the CEEMEA region are not backing away from their pivot towards ESG financing. Though concerns about greenwashing are holding the market back, new sustainability-linked and transition structures are tempting issuers.
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National Grid, the UK utility, is planning a loan-funded £7.8bn acquisition of the UK’s largest electricity distribution business from US firm PPL Corp. The deal could see £2.7bn of the utility’s assets sold to PPL.
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Two Chinese companies sold dollar bonds on Wednesday as the rest of the market hit pause to await the outcome of the Federal Open Market Committee meeting.
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The sterling corporate bond market had three visitors on Wednesday, making it the busiest day this year, and raised a combined £1.565bn, an unusually large amount for corporate sterling issuance.
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Verizon Communications, the US telecoms group, embarked on an almost $3bn niche currency bond issuing spree this week, which included the largest foreign Swiss franc bond since early 2018.
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