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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 European Union leaders’ summit, which begins on Friday, should determine the approval of the bloc's planned €750bn coronavirus recovery fund. The summit is drawing the attention of investors in eurozone periphery government bonds and high grade corporate paper, particularly as the EU is far from agreeing the fund's final size. -
Tennet, the Dutch utility, has mandated for a long-telegraphed green hybrid bond, as the company looks to protect its credit rating during stakeholder discussions with the German and Dutch governments.
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The Australian short seller, John Hempton of Bronte Capital, told investors that the profits his hedge fund Bronte Capital made on Wirecard’s collapse will not make up losses incurred during his lengthy short of the German payments company. It was an illustration, he said, of the dangers of betting against frauds and highlights the importance of risk management.
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Asia’s dollar bond market shows no sign of slowing down, after a flurry of deals were announced on Monday.
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Segro, the FTSE 100 UK real estate investment trust, has entered the private placement market with an initial target of €250m.
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Thai oil and gas company PTT Public Co sold the first 50 year bond from an Asian corporation on Thursday, raising $700m from a tightly-priced deal.
