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◆ Mileway debuts in euros with €1.5bn dual tranche ◆ European Outlet Mall Venture and Vesteda print green bonds ◆ Borrowers return as sector refinancing cycle turns back to unsecured debt
◆ 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
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Fresh national lockdowns across Europe and further ECB stimulus are tipped to lead to a surge in high grade corporate bond issuance in early November. But the central bank’s bond buying has turned finding fair value into a convoluted process and this will likely only become more difficult after it hinted on Thursday at doing even more in December. -
Daa, the Irish airport operator, and Akelius, the UK residential property company, snatched the chance to raise funds on Thursday, the most stable day for the bond market this week. But demand has been muted as jitters about lockdowns and next week’s US presidential election kept some investors on the sidelines.
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A Climate Bonds Initiative and Credit Suisse document on ‘financing credible transitions’ may help to create a market standard for judging when a company is moving to a net-zero carbon future. One of its creators said that, in theory, firms could raise dedicated transition equity as well as debt.
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Daa, the Irish airport operator, and UK residential property company Akelius snatched the chance to raise funds on the most stable day this week. But demand has been muted as jitters about lockdowns and next week’s US presidential election kept some investors on the sides.
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Two Chinese local government financing vehicles (LGFVs) hit speed bumps in the dollar bond market this week amid rising volatility, as investors pushed back on the issuers’ attempts to get away with aggressive pricing. While one of the borrowers sealed its deal despite tepid demand, another was forced to scrap its transaction. Morgan Davis reports.
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The threat of new national level lockdowns in some of Europe’s largest economies could spark a wave of high grade corporate bond issuance, with investors happy to ignore trembling fundamentals as long as the European Central Bank keeps pumping billions into the system.
