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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 secondary market for defensive European corporate bonds is on fire, now that new issuance has slowed, but there are growing fears that the rampant rise of coronavirus cases in the US will lead to a correction. -
Shimao Group Holdings offered bond investors a rare 10 year tenor from the Chinese property industry, pricing the $300m deal inside of fair value.
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John Muncey has joined Barclays as vice-chairman of its consumer retail group (CRG) in Europe and the Middle East, while Jamshed Kakalia has been promoted to lead the consumer business in that team.
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A rally in Hong Kong and China’s equity markets on Monday buoyed sentiment among debt investors too. They pumped in orders of more than $10bn into Shanghai International Port (Group) Co’s dollar bond at the peak.
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Apollo Global Management announced on Monday a new private credit unit aiming to provide $1bn direct loans to larger firms, in the first instance of a direct lending fund with its eyes only fixed on big business.
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Investors in UK universities are struggling to work out just how risky the sector is, as its lucrative international student intake as well as pension liabilities are still unclear. A report published by the Institute for Fiscal Studies (IFS) on Monday estimated that 13 universities may go bust if they do not either carry out debt restructurings or receive government bailouts.
