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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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Companies piled into the bond market with hybrid capital issues this week to raise €4.95bn between them, as syndicate bankers say that they are encouraging as many borrowers as possible to consider pushing out higher risk trades before raising senior debt. -
Total, the French oil and gas major, continued the strong run of hybrid trades in the corporate market this week, launching a chunky €1bn note 37.5bp inside initial price thoughts on a yield basis.
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Nomura has cut jobs in its investment banking business in Europe over the summer, following losses in leveraged finance, as its new chief executive eyes up other regions for growth, writes David Rothnie.
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The Monks Investment Trust, the UK listed investment trust managed by Baillie Gifford, has sold £100m of US private placements.
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Tencent Music Entertainment Group (TME) attracted nearly $13bn of orders for its offshore bond debut this week. The company’s solid credit profile and backing from its parent helped win over investors. Morgan Davis reports.
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Korea Expressway Corp made its debut in the Kangaroo market this week, taking A$450m ($324.6m) from a dual tranche deal.
