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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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Europe’s high grade primary bond market was pumping out deals with double figure new issue concessions this week, though German real estate company Vonovia’s debut green deal showed that ESG demand is still strong enough that borrowers don’t have to offer extra. -
National Grid, the UK utility, is planning a loan-funded £7.8bn acquisition of the UK’s largest electricity distribution business from US firm PPL Corp. The deal could see £2.7bn of the utility’s assets sold to PPL.
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Two Chinese companies sold dollar bonds on Wednesday as the rest of the market hit pause to await the outcome of the Federal Open Market Committee meeting.
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The sterling corporate bond market had three visitors on Wednesday, making it the busiest day this year, and raised a combined £1.565bn, an unusually large amount for corporate sterling issuance.
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Traton, the commercial vehicle making subsidiary of Volkswagen, had a storming debut in the bond markets on Wednesday, despite increasing choosiness among investors.
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Vonovia, the German housing company, launched its first green bond on Wednesday, and investors were happy to buy it through the company’s conventional bond curve, even though its paper already trades more tightly than peers.
