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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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European high grade corporate bond investors and analysts have spotted an area that might be ripe for performance next year, as senior notes inch towards pre-coronavirus pandemic levels but subordinated spreads have yet to catch up. -
Patrick Drahi has raised his offer to take Altice Europe private, responding to legal challenges by hedge funds including Lucerne Capital Management. The revised bid increases the company’s valuation by almost €1bn, and translates to paying minority shareholders an extra €700m — meaning yet more debt piled on one of Europe’s largest levfin issuers, which has more than €30bn outstanding already.
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Sonae, the Portuguese conglomerate, has raised €150m with debt linked to it putting women in senior positions.
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Travelodge privately placed £65m of 9% four year bonds at 96, according to a statement from the issuer, following Lowell’s similar decision to tap into a firm market ahead of year-end. Shareholders Avenue Capital and GoldenTree are experienced distressed investors, actively seeking other companies wanting to raise cash at double-digit yields, but have opted for third-party money this time.
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Shandong Ruyi Technology Group Co’s dollar bonds fell to a new low this week after it defaulted on two onshore trades, adding to a spate of missed payments from Chinese companies recently.
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Gaming company Wynn Macau benefitted from a revival in sentiment around the casino industry for its bond return on Tuesday. It raised $750m from a tap of its 5.625% 2028 notes.
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