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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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Tyco Electronics, the US-Swiss connector technology firm, kicked the week off in Europe’s high grade corporate bond market with a well received deal on Monday, as more euro issuers line up. -
A blistering pace of supply in Asia’s dollar bond market in January is set to continue, with more borrowers preparing to print deals this week ahead of the Chinese New Year holidays. But DCM bankers say there are some signs of rising pressure.
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Corporate default rates are expected to decline towards the end of this year after peaking in the next few months, but the number of borrowers facing a plunge into junk ratings is near a record high. Lenders say that they are taking a pragmatic view on the companies in their loan portfolios to try and prevent defaults.
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Hong Kong's Airport Authority used a 144A format to expand its investor base and find a new pocket of liquidity this week. It got a strong reception from the US for its $1.5bn bond.
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European and US direct lending’s insatiable rise to relevance has so far not brought with it a push towards sustainable finance. But this year may be different, as certain private debt funds are setting out ESG blueprints for others to follow.
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Europe’s investment grade corporate bond bankers and investors are looking to the end of this earnings season for a “needed” correction to trading levels, though some warn it will be shortlived.
