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Life science, utilities and industrials dominate supply after big tech's big splurge
Fresh issuance expected to keep new issue premiums elevated
◆ 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
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Rolls-Royce, the UK aerospace engineering company, was left clinging on to its investment grade rating on Monday, after Moody’s became the second rating agency to cut it to junk.
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HSBC has become the latest bank to create a dedicated team for sustainable finance amid the coronavirus crisis. This is part of a new strategic solutions group, which will also house two other solutions units: one for corporate finance, and one for financial institutions and capital.
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Investors flocked to Huzhou City Investment Development Group Co’s $300m bond, leading to a surprisingly large final book, a hefty 65bp price tightening and a headache over allocation.
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The hangover from the record breaking first half of the year in US high grade bonds continued to weigh on the primary calendar with just three borrowers taking home $1.85bn this week.
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The double whammy of coronavirus and a crisis at the top of the bank makes the most testing of times for the new head of Commerzbank’s corporate clients division to make his mark. But Roland Boekhout has a broad vision for the firm’s corporate and investment bank and ideas for how to implement it, writes David Rothnie.
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The coronavirus pandemic has pushed the social element of environmental, social and governance finance to the forefront of corporate financial officers’ minds, with bankers and investors agreeing that a focus on the still nebulous area of social investing is going to create a hotbed of innovation as a result.