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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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State Grid Corp of China, the world’s largest utility company, raised the equivalent of around $3.3bn from a four-tranche dollar and euro deal on Wednesday. -
Nestor Paz-Galindo has become global co-head of M&A at UBS, replacing Greg Peirce, with Philipp Beck succeeding him as head of M&A for Europe, the Middle East and Africa.
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Platform Housing Group, a UK social housing firm, got chunky demand from the sterling market on Wednesday, with the borrower benefitting from a dearth of deals in the currency.
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OMV, the Austrian oil company, plans to print €1.5bn of hybrid debt in the coming 12 months, and some investors say they expect to see more subordinated corporate issuance as issuers try to patch up their Covid-19 ravaged balance sheets.
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The National Football League, the professional American football league in the US, has sold $1.7bn of private placements, according to market sources, to help steer the organisation through the coronavirus.
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India’s Adani Ports and Special Economic Zone proved its willingness to be flexible this week, changing its planned tenor and offering a decent concession to secure demand for a $750m bond.
