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◆ UK defence company returns after seven year absence ◆ Sticky book as investors seek rare sterling supply from the sector ◆ Deal pays only small single digit concession
◆ UK supermarket chain takes euro route ◆ Demand holds firm despite sharp spread tightening ◆ Small new issue concession on offer
Four tranche deal could raise at least €2bn
Only a handful of names tapped the market ahead of Independence Day
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Two Chinese government-linked companies raised a combined $600m in the offshore market on Thursday, ahead of the long weekend in China. -
Europe’s high grade corporate bond market is set for a glut of supply as companies appear to be loosening the capex purse strings once more. The only debate is about when it will come. With cash piles at near record levels, there is little agreement about when firms will need to fund spending with fresh debt, writes Mike Turner.
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Essity, a Swedish personal hygiene company, has seen pressure from Moody’s and its bonds’ cash price drift lower, after announcing a debt-funded €567m-equivalent acquisition for almost all of Colombia’s Productos Familia.
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Beijing Enterprises Holdings battled weakened sentiment around Chinese state-owned enterprises to sell a $700m dual tranche transaction on Wednesday. The company was able to price a successful deal, but only after overcoming recent fears about Chinese issuers. Morgan Davis reports.
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Origin Housing, a housing association with homes in and around London, has sold £125m of US private placements – one of the bigger deals from the sector.
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Issuers piled into Europe’s high grade corporate market on Wednesday but investor responses were mixed when it came to the deals at the tightest spreads.
