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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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Azzurra Aeroporti, an acquisition vehicle that bought a majority stake in a French airport, made its debut in the bond markets on Tuesday, achieving decent demand despite some dire warnings emerging about the medium term future of industries linked to air travel. -
Prosus, the Dutch online consumer and investment company, has mandated banks for dollar and euro bonds. Investors will need to contend with a firm that reported strong full year results up to the end of March but has issued warnings that the coronavirus pandemic has taken its toll since.
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Investors were unfazed by State Power Investment Corp’s (SPIC) move to tighten pricing on a $1bn bond by 52bp. The Chinese company’s deal was six times oversubscribed at its peak, and only tightened further in the secondary market.
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Royal Vopak, the Dutch oil and gas storage company, has sold $500m-equivalent in US private placements.
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European high grade non-financial credit spreads dipped to their lowest levels in around five months this week, though corporate bond bankers said it is the lack of primary bond market activity rather than the breakthrough in EU fiscal stimulus that has ground spreads tighter.
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Azzurra Aeroporti, an acquisition vehicle that bought a majority stake in a French airport, made its debut in the bond markets on Tuesday, achieving decent demand despite some dire warnings emerging about the medium term future of industries linked to air travel.
