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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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Thales, the French aerospace and defence company, offered Europe’s high grade bond investors something towards the top of the rating scale on Thursday, while lower rated sub-benchmark sized debt from Finland’s Metso Outotec offered buyers the chance for a bit more spread. -
Engie, the French electricity and gas company, and UK transport firm National Express enjoyed bumper demand for hybrid capital issues on Thursday, as some market participants argued the coronavirus pandemic had changed the way hybrids are seen by issuers.
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China Gezhouba Group Co raised $200m from a subordinated perpetual bond on Wednesday.
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High grade corporate bonds flew off the shelves again on Wednesday, with French computer game maker Ubisoft coming through fair value despite growing concern that the rush of deals would mean issuers paying higher new issue premiums.
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NRG Energy has priced a roughly $3.8bn five tranche bond offering — including the first ever sustainabilty-linked notes from a US issuer — to finance its acquisition of North American energy retailer Direct Energy.
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Citycon Group, the Nordic shopping centre company, has signed €500m of revolving credit facilities. It wants to shore up its balance sheet as it teeters on the edge of a junk rating.
