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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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Chinese social media platform Weibo Corp returned to the dollar market on Tuesday with a 10 year bond. -
National Grid Electricity Transmission, the UK power transmission company, was out with a dual tranche trade on Thursday, including the first test of the conventional sterling benchmark market in more than a month.
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Bayer, the German life sciences company, enjoyed blow-out demand for its €6bn multi-tranche bond issue on Wednesday, days after agreeing to pay up to $10.9bn to settle a lawsuit over claims its weedkiller, Roundup, causes cancer.
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Royal Vopak, the Dutch oil and gas storage company, is marketing senior and subordinated private placements, according to market sources.
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Europe’s investment grade corporate bond market acquired a more cheerful tone on Tuesday, with new issues well oversubscribed, despite quickly shifting sentiment.
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Fiat Chrysler Automobiles, the Italian-American crossover-rated car company, launched €3.5bn of bonds into the market on Tuesday, days after its Italian arm had agreed €6.3bn of bailout funds guaranteed by Italy.
