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Cooler reception suggest AI capex hype is shrinking
The novelty of these jumbo deals could wane as hyperscalers repeatedly hit the market
◆ Mileway debuts in euros with €1.5bn dual tranche ◆ European Outlet Mall Venture and Vesteda print green bonds ◆ Borrowers return as sector refinancing cycle turns back to unsecured debt
◆ UK defence company returns after seven year absence ◆ Sticky book as investors seek rare sterling supply from the sector ◆ Deal pays only small single digit concession
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The Schuldschein market, which has spent the last few years growing increasingly international compared to its domestic origins in Germany, has lost its adventurous streak due to the coronavirus pandemic. Forays into unknown territories with borrowers from new industries are being treated with trepidation and lenders are heading back to what they know best. -
Ford, the US car maker, offered investment grade bond investors the chance to dip into high yield on Tuesday, while its rival Nissan Motor is lining up a seven tranche behemoth bond issue that will create a euro curve out to eight years.
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Ryanair left parts of the corporate bond market ‘gobsmacked’ on Tuesday, as the first benchmark-sized new issue from an airline since lockdowns from Covid-19 battered the sector managed to reprice the issuer’s curve.
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KPN, the Dutch telecommunications company, made its first outing in the senior bond market for four years on Monday. One lead manager expected the trade to give the issuer’s curve a strong lift.
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Ryanair, the Irish budget airline, is marketing the first benchmark sized euro deal from a European airline since the coronavirus pandemic began, with the issuer hoping to build on last week’s wooing of equity investors for a €400m placement.
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Orange, the French telecommunications company, has mandated for its debut sustainability bond, as some syndicate bankers said that there was evidence that demand for environmental and socially themed debt from corporates rated investment grade was reaching worrying levels.
