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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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Tesco has mandated banks for a debut sustainability-linked bond (SLB) from its freshly printed framework. The UK supermarket chain also joins the growing ranks of issuers taking advantage of low interest rates by launching a simultaneous liability management exercise. -
Fidelity International has hired a team of 10 private credit specialists from MeDirect Bank, in its first foray into European private debt.
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Many EU companies could do with capital beyond debt, according to the Association for Financial Markets in Europe (Afme). The trade body, in a report it produced alongside PwC, suggests encouraging the use of equity-adjacent products to fill balance sheet gaps from the coronavirus crisis.
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Sagax, the Swedish commercial property company, and UK social housing firm Great Places have mandated for sub-benchmark sized deals, in what is likely to be a curtailed week for issuance in the corporate bond with a European Central Bank meeting on Thursday.
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Total, the French oil and gas company, placed a chunky €3bn hybrid trade on Monday, as the spread between corporate senior and subordinated debt widens after months of tightening.
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German software company TeamViewer launched an inaugural Schuldschein deal on Monday, with margins linked to its ESG performance. Five new borrowers have entered the Schuldschein market so far this year, almost half as many as appeared throughout the whole of 2020.
