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GC Asia
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Michelin gets blowout demand for €1.5bn trade
Compagnie Générale des Etablissements Michelin, the French tyre company, won more than €10bn of demand for its €1.5bn bond issue on Monday, as a growing number of corporate bankers expect to see European high grade spreads return to pre-Covid 19 levels.
26 Oct 2020 -
Daa and Tele2 mandate in near-empty IG corporate market
Daa, the operator of two Irish airports, and Swedish telecoms company Tele2 have mandated for bonds, as the market goes into near-hibernation during corporate earnings blackouts.
26 Oct 2020 -
China issuers sneak into closing bond window
A host of Chinese issuers found one of the last windows to sell bonds on Thursday ahead of the US presidential elections at the beginning of November and a public holiday in Hong Kong early next week.
23 Oct 2020 -
A2A breaks long end yield record for Italian corporates, Blackstone prices
A2A, the Italian multi-utility, pre-funded for 2021 with a €500m trade on Wednesday, getting what the lead manager said was the lowest yield for a deal of its type. The company is preparing a new business plan that will see it printing more green and sustainability-linked debt.
22 Oct 2020 -
Upstart broker rocks up in Schuldschein to spur secondary trading
The secondary market in Schuldscheine is rudimentary, partly as the arranging banks have never wanted to encourage it. But a little known brokerage firm is quietly acting as a go-between, helped by its contacts with non-traditional investors, writes Silas Brown.
22 Oct 2020 -
IG secondaries spur records but fears grow about reckoning
High grade corporate bond spreads face a rocky few weeks after six months of consistent tightening, as coronavirus lockdowns and corporate earnings blackouts contribute to increased short term volatility.
22 Oct 2020 -
Meituan makes ‘stunning’ debut with $2bn bond
Meituan, a Chinese e-commerce platform and food delivery company, sold its first dollar bond on Wednesday, netting $2bn on the back of an order book that reached $16bn at its peak.
22 Oct 2020 -
Bunzl sees 4.5 times oversubscription for sterling trade
Bunzl, the distribution and services company, topped off a strong few days by printing a £400m from bulging order books a week after announcing growth in its third quarter trading statement.
21 Oct 2020 -
Iberdrola electrifies hybrid market with €3bn trade as jumbo hybrids in vogue
Iberdrola, the Spanish energy utility, launched a €3bn dual tranche hybrid capital bond on Wednesday, as syndicate bankers say the hunt for yield is encouraging issuers to push boundaries on the amounts they raise in hybrid issues.
21 Oct 2020 -
Dairy producers Glanbia, Müller milk private placements
Bavarian dairy group Müller is marketing US private placements, according to market sources, alongside nutrition group Glanbia.
21 Oct 2020
