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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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Larger Asian and European commercial bank lenders are being scaled back by as much as 90% in certain Schuldscheine, as sluggish deal flow prompts arranging banks to make tough decisions. -
Borrowers from Greater China rolled out five new bonds on Wednesday to raise more than $2bn between them.
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Aluminum Corp of China (Chalco) sealed a $1bn bond this week, pricing both tranches of the deal inside some fair value estimates.
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Metropolitan Housing Trust, the UK housing association, had a tough day in the sterling bond market on Wednesday, with a debut sustainable bond that limped over the line despite two days of marketing.
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Far from heralding the dawn of a new post-pandemic paradise, England’s removal of almost all social restrictions this week could easily lead to a sharp rise in corporate defaults.
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French investment grade corporate issuers Alstom and Covivio Hotels ignored growing worries over rising coronavirus infections on Tuesday to haul in bumper demand for new bonds.
