Latest high grade corporate bond news

• Engie benefits from higher yields to bring tight green hybrid

  

  A year on from selling its first green hybrid bond, French energy company Engie returned to sell another with a slightly longer call date. Demand for the product has remained strong, but the difference in coupons showed how pricing has changed despite the borrower paying virtually no premium over the company’s secondary bonds.

  • 12:00 PM

• Short dated FedEx return finds plenty of demand

  

  On Monday, the US deliveries group FedEx returned to the euro corporate bond market for the first time since its debut visit in 2016 when it raised €3bn to finance its purchase of Dutch peer TNT Express. That deal was a four-tranche combination, but its latest deal was just a €500m 3.5 year deal to refinance the shortest tranche of the debut deal.

  • 14 Jan 2019

• Enel and Digital Realty sell first green corporate bonds of 2019

  

  On Friday, American data centre owner Digital Realty sold the first green corporate bond in euros of 2019, but investors did not have long to wait for the second one as Italian energy company Enel also chose to issue in the format.

  • 14 Jan 2019

• Housing association buyers flock to Clarion’s call

  

  UK housing associations are regular and popular users of the sterling corporate bond market. Friday saw the first deal of 2019 from the UK’s largest housing association and the deal proved demand had in no way waned.

  • 14 Jan 2019

• Vinci lands 10 year after Gatwick bid agreement

  

  French construction and concessions group Vinci on Friday sold its first corporate bond since announcing it had agreed to acquire a majority shareholding in Gatwick airport. It was the issuer’s second public bond issue in three months after more than five years without one.

  • 11 Jan 2019

• AB InBev $15.5bn whopper ends dry January

  

  There has been precious little cheer in the dollar market but Anheuser Busch Inbev (AB InBev) provided some on Thursday when it printed the biggest corporate investment grade trade since October amid signs of improving sentiment.

  • 10 Jan 2019

• Deutsche Bahn sets the standard for low beta names

  

  On Wednesday, Deutsche Bahn sold its first bond of 2019, setting the bar with a €1bn 10 year deal that has a new issue premium of less than the 20bp limit that triple-B rated names had failed to tighten past.

  • 10 Jan 2019

• Emerson’s patience could revive Reverse Yankees

  

  After waiting nearly a month, US engineering firm Emerson Electric on Tuesday landed the dual tranche deal it roadshowed in December. The €1bn dual tranche offering was a good deal in its own right, but could also herald the return of the Reverse Yankee market in 2019.

  • 10 Jan 2019

• Telecom Italia takes €1.25bn but premium causes surprise

  

  Telecom Italia attracted €4.5bn of orders on Tuesday, which was no mean feat, having to contend with a €4bn four-tranche Orange deal in the market on the same day, but also the uncertainty surrounding the Italian government and its budget hanging over the country’s economy. This, combined with the company’s Ba1/BB+/BBB- ratings, meant it had to offer what research house CreditSights saw as a 90bp premium to its secondary curve for the new 5.25 year deal.

  • 10 Jan 2019

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