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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
◆ First Swissie corporate bond since Alphabet's finds size ◆ Dual tranche trade lands tight ◆ Domestic corporate undersupply helps demand
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After discussions with US private placement holders, French food services company Sodexo has said it will repay roughly $1.6bn of debt early. Four market sources said this was the largest corporate early repayment of US PPs of all time. Some fear a growing disconnect between institutional investors and companies over financial covenants, and attempts to amend them. -
DFS Deutsche Flugsicherung, the German air traffic controller, launched a Schuldschein deal on Monday, on the hunt for at least €250m.
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Europe’s high grade bond market provided some mixed indications of sentiment on Monday with the deals for Takeda and SEE seeing notable differences in demand, leaving syndicate bankers trying to work out what this means for what is expected to be a busy week of issuance.
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Anheuser-Busch InBev, the world’s largest brewer, received far below the €5.3bn-equivalent it had offered to buy back through a tender offer, as analysts still expect its leverage to remain at nosebleed levels for a company with a BBB+ rating.
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A handful of Indian financial institutions have become the latest fallen angels, as pressure on the country’s economy and firms’ asset quality rises.
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Chinese education company New Oriental Education & Technology Group has sold its maiden dollar bond shortly after receiving its first credit rating.
