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Foreign corporate issuance running at record high
Nvidia's $25bn seven-tranche offering matched Meta’s issuance in late April which are only smaller than Amazon’s $37bn print from March
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Bankers are betting on a strong year for the UK — Europe’s biggest fee pool — but the overlapping concerns of Brexit, Covid-19 and regulation make for an uncertain outlook, writes David Rothnie. -
Fundamentals are becoming more important again in Europe’s corporate bond primary market, but the power of the European Central Bank technical trade in the secondary market is quickly washing away new issue concessions.
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NorteGas, the Spanish gas distribution company, won strong demand from investors on Thursday, despite syndicate bankers worrying that the market was softening.
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Banks launched the bond leg of a combined €5bn refinancing for alarm company Verisure, which will raise cash for a €1.6bn dividend to shareholder Hellman & Friedman. This payment follows the transfer of the company between two H&F funds at a €14bn valuation.
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Austrian paper and packaging firm Mayr-Melnhof Karton, called MM Karton for short, has launched a Schuldscheine, with an initial target of €300m.
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Some €700m of CDS contracts referencing Europcar’s debt have been rendered worthless thanks to a technical squeeze in the CDS auction on Wednesday, in a blow for investors who thought they’d hedged their exposure to the troubled car rental firm. The controversial result threatens to reignite debates about whether the CDS market is fit for purpose, ahead of an expected wave of restructurings in the year to come.
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