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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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Telefónica, the Spanish telecommunications company, showed the depth of demand for green hybrids on Wednesday, with a seven times oversubscribed trade that came a day after a similarly successful deal from compatriot issuer Iberdrola. -
Investors were eager to buy into investment grade rated property developer China Overseas Grand Oceans Group's (Cogo) latest dollar bond, pumping in $4.6bn of orders for the $512m trade.
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Iberdrola, the Spanish utility, received booming demand for its green hybrid on Tuesday, as the combination of a higher yield and green debt helped books swell to €9.5bn.
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Prologis, the US logistics real estate investment trust, proved that highly rated corporates can still entice investors, with the issuer printing long maturity debt inside fair value despite tight spreads.
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Hyundai Capital Services used the green label on its dollar bond to its benefit when hitting the market on a relatively volatile day, managing to find about $4.75bn of demand for a $600m transaction.
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Whitbread, the UK hospitality group, has mandated banks for a debut green trade, setting up a pricing battle between a red hot bond structure and a Covid-19 battered sector.
