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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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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. -
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.
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A small deal size and investment grade ratings worked in GS Caltex Corp’s favour on Monday, allowing the South Korean oil refiner to price a tight $300m bond.
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The global airline industry is going to see a “far reaching” impact from the fallout of economic shutdowns, warned Moody’s, with the ratings agency also casting a deeply negative light on the service providers that operate around the industry.
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Segro, the FTSE 100 UK real estate investment trust, has sold €450m of private placements, according to market sources. The largest tranche was the longest, €200m at 20 years, which is sign of investors' confidence.
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Premier Oil, the UK oil company, has signed sale and purchase agreements to buy BP assets in the North Sea in a deal that could total up to $565m, with an equity raise earmarked to provide the funds for an upfront payment.
