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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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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. -
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.
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The University of Leeds tapped its debut bond for another £50m on Tuesday, becoming the first UK university to come to the capital markets since the Institute for Fiscal Studies (IFS) warned of mass bankruptcies across the sector in a damning report earlier this month.
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Chinese food and beverage company Bright Food’s ability to court investors and push for a tight price for its euro-denominated bond shows the benefits ─ and downsides ─ of an aggressive approach to the euro market.
