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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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BP, the UK oil company, completed the biggest ever hybrid bond sale this week with a $12bn-equivalent debut issuance across multiple currencies, leading to rising expectations that other oil majors without hybrid debt will be entering the market too. -
An arbitrage opportunity has opened up at the long end of the corporate bond market between euros and dollars, and investors and bankers alike expect issuers to start taking advantage of it soon.
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Hong Kong power generator Castle Peak Power Co took the nascent transition bond market a step further this week, selling a $350m deal that showed the potential for the sector. Morgan Davis reports.
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Chinese chemical company China National Bluestar (Group) Co raised $500m from a subordinated perpetual bond on Wednesday.
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United Utilities, the UK regional water company, reopened its July 2033 notes on Thursday for another £50m ($62.06m), as anticipation grows for at least another £100bn of quantitative easing from the Bank of England.
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Angus Whelchel, former global head of private capital markets at Barclays, has been hired by US boutique advisory group Moelis & Co to head its private capital markets team.
