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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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The European Central Bank’s bond buying programme is, for better or worse, the saviour of the corporate bond market, keeping access open for most issuers for all but a few days last year. But the easy money for borrowers big enough to access the bond market is inadvertently twisting the screws on already battered small and medium sized enterprises. -
The European investment grade corporate bond market took a break for the Epiphany public holiday across the continent on Wednesday, but syndicate bankers say deals will flow thick and fast throughout early January.
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BMW set Europe's investment grade corporate bond market off to a flying start for the year on Monday, printing €1.5bn of debt at or inside fair value.
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Several prominent Schuldschein arrangers believe the market must stop setting Euribor floors at 0% this year if it is to lure international borrowers back from the bond markets. If SSD arrangers can persuade investors to settle for lower minimums, corporate treasurers may find the SSD market a compelling alternative to bond markets once more, writes Silas Brown.
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Adler Group, the German property firm, was the first European leveraged issue out of the gate in 2021 — a BB+ rated name tailor-made to tempt investment grade tourist money, which it managed in style, drawing a book of €4.9bn for a €1.5bn dual tranche issue on Thursday.
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HSBC’s aims to boost market share in investment banking and rebalance towards Asia remain intact despite the resignation of one of its most senior lieutenants. But 2021 must be about execution, writes David Rothnie.
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