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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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Regular credits in the private placement markets in Europe, like UK utilities, have disappeared from the scene since the coronavirus pandemic began because investors have not managed to reduce their yield targets to compete with pricing in public markets. Silas Brown reports.
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Prosus made a barnstorming debut in the European bond market this week, a day after an impressive dollar trade. The Naspers e-commerce vehicle, which attracts investment grade and emerging market investor interest, saw €13.5bn of demand for its €1bn deal.
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European high grade corporate bankers and investors are trying to wrap their heads around what the deluge of corporate earnings reports might mean for their market in the coming months, with some surprise that not all results are as terrible as feared.
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Independent firms were the big winners of the 2008 financial meltdown. But they will find the Covid-19 crisis tougher to navigate, as they grapple with a unique set of challenges, writes David Rothnie.
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A flexible approach to its $750m bond paid off for India’s Adani Ports and Special Economic Zone, which navigated weak market sentiment and demanding investors by changing its tenor, size and price expectations. Morgan Davis reports.
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State Grid Corp of China, the world’s largest utility company, raised the equivalent of around $3.3bn from a four-tranche dollar and euro deal on Wednesday.