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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 major, has announced its debut hybrid trade with a multi-tranche triple currency deal mandate. The borrower was looking to steady its credit ratings a day after warning that it was going to write-off up to $17.5bn of assets. -
Europe’s corporate bond market burst into life on Tuesday with more than 10 primary deals on screens, as the US Federal Reserve’s plans to buy individual bonds brushed aside fears of a resurgence of Covid-19.
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UK listed product inspection company Intertek is looking to sell US private placements, according to sources, as the market struggles to entice companies away from bond issuance and bank lending.
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Castle Peak Power Co, a Hong Kong power generator, sealed a $350m energy transition bond on Monday. It was one of just a handful of these bonds sold in the world, and the second from Asia.
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China Huadian Corp priced a $500m bond on Monday, riding on the improvement in market sentiment to reopen the perpetual market for state-owned enterprises.
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Industrial Bank of Korea bagged $500m from a social bond on Monday, with the proceeds pegged to help companies struggling because of the Covid-19 pandemic.
