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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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Korea Expressway Corp made its debut in the Kangaroo market this week, taking A$450m ($324.6m) from a dual tranche deal. -
Hong Kong property company Hysan Development Co made a quick return to the bond market on Wednesday. It added $200m to a perpetual non-call three year deal priced just last week, thanks to strong follow-up demand.
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Finnair, the Finnish airline, printed a €200m perpetual non-call three year hybrid capital note this week, the first time a European airline has issued a bond since the Covid-19 crisis began on the continent.
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Huangshan Tourism Group Co opted for euros for its maiden offshore bond. The €230m transaction benefited from a standby letter of credit from Bank of China’s Anhui branch, as well as strong bookrunner support.
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Europe’s corporate bond market is back in action this week with new deals. But it will be no picnic for investors. The market is awash with cash and new issues in the months ahead will be painfully expensive.
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Investors piled into European corporate hybrids again on Tuesday, with Belgian chemical firm Solvay and Austrian oil company OMV out with well received trades.
