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◆ Five year deal soars ◆ Issuer upsizes deal on strong demand ◆ Minimal to no concession paid
◆ Almost €6bn raised across seven tranches ◆ 12 years is the 'sweet spot' for supply ◆ Single digit concessions offered
◆ Peak demand reaches €11.5bn ◆ Longer call tightened harder than the short tranche
◆ Both tranches priced close to fair value
◆ Deal attracts €5.5bn of orders ◆ Big book enables issuer to take size ◆ Price included minimal concession
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Four of London’s biggest housing associations are moving closer to issuing debut sustainability bonds, after Metropolitan Housing became the third from an influential group of associations to print debt using the structure.
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Nasdaq, the US securities trading marketplace, has mandated for an SEC-registered euro benchmark bond, days after the company announced it was spinning off its private market business into a new standalone joint venture.
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Valeo, the French car parts maker, has mandated for a debut sustainability-linked bond, hours after posting results showing a solid bounce back from last year.
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Ping An Real Estate Co raised a total of $600m from two tranches of green bonds on Thursday, capping a strong week for sustainability related transactions in Asia.
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The wheels fell off the IG corporate sterling bond market this week, with one pulled deal and another that barely scraped through. Accusations and recriminations flew over what caused the trouble, which has likely slammed the doors shut on the sterling market until autumn. Mike Turner reports.
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Northern Powergrid (North East) postponed a sterling bond issue on Thursday a day after a housing association trade limped over the line, leaving bankers trying to decipher what caused the market to collapse this week.