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◆ Energy pair bring three tranches ◆ Sub-100bp senior/hybrid spreads secured ◆ Single digit concessions offered
◆ Deal attracts highest bid-to-cover ratio of the year so far ◆ Extensive marketing helps fuel demand ◆ Pinpointing fair value tricky
◆ First Swissie corporate bond since Alphabet's finds size ◆ Dual tranche trade lands tight ◆ Domestic corporate undersupply helps demand
◆ Issuers opt for extra guidance as market softens ◆ Enexis takes size at six years ◆ DSM-Firmenich lands tight
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Ford, the US car maker, offered investment grade bond investors the chance to dip into high yield on Tuesday, while its rival Nissan Motor is lining up a seven tranche behemoth bond issue that will create a euro curve out to eight years. -
Ryanair left parts of the corporate bond market ‘gobsmacked’ on Tuesday, as the first benchmark-sized new issue from an airline since lockdowns from Covid-19 battered the sector managed to reprice the issuer’s curve.
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KPN, the Dutch telecommunications company, made its first outing in the senior bond market for four years on Monday. One lead manager expected the trade to give the issuer’s curve a strong lift.
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Ryanair, the Irish budget airline, is marketing the first benchmark sized euro deal from a European airline since the coronavirus pandemic began, with the issuer hoping to build on last week’s wooing of equity investors for a €400m placement.
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Orange, the French telecommunications company, has mandated for its debut sustainability bond, as some syndicate bankers said that there was evidence that demand for environmental and socially themed debt from corporates rated investment grade was reaching worrying levels.
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Chinese government-related entities (GREs) and local government finance vehicles (LGFVs) received more rating upgrades than downgrades from Fitch Ratings in the first half of 2020, but the pricing differences between bonds from quality names and weaker credits remain stark, said DCM bankers.
