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Investors maintain orders as issuers push tight, although some limits are appearing
◆ Canadian retail chain lands euro bond close to equivalent dollars ◆ Some concession needed for first new euro line in two years ◆ Minimal attrition as issuer pushes through 100bp barrier
◆ Vier Gas almost six times covered ◆ RCI Banque increases size ◆ Pair price with minimal concessions
Earnings blackouts and higher funding costs to supress April supply
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Moncler, the Italian ski jacket maker, has signed a sustainability-linked revolving credit facility for up to €400m, continuing the trend towards more environmentally friendly practices from the infamously wasteful fashion industry.
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Spanish issuers were out in Europe’s corporate bond market on Monday, with Cepsa and Merlin Properties raising debt, as bankers and analysts expect a few weeks of “opportunistic” issuance in the run-up to earnings blackouts. -
Europe’s high grade bond bankers are split over the severity of the summer shutdown. Some expect the traditional deal lull while others think the coronavirus pandemic will mean a busy market.
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Early September will set the tone for Europe's high grade corporate debt markets, said bankers this week, as only then will the full effects of the coronavirus pandemic be apparent in corporate earnings, and the direction of investment plans be clearer.
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Europe’s high grade market finally found a solid footing on Thursday after days of scrabbling for purchase, with the biggest trades of the day landing flat or through fair value.
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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, in the largest ever early repayment of US PPs. It is a result of tensions that have flared up during the pandemic over covenant protections, which some fear will lead to a drop in corporate PP deal flow.
