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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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French aerospace and defence company Safran has closed a large US private placement, according to market sources, of €566m-equivalent in euros and dollars. -
Robert Bosch has joined a rare club to issue €2bn-plus in a single Schuldschein. The A+ rated German car parts supplier re-opened the market with an initial target of €500m. Bankers say the final result is an illustration of the depth of the market for well-rated corporates.
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China Oilfield Services (COSL) sold its first dollar bond in five years on Thursday, nabbing $800m from a dual-tranche deal.
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Taiyuan Longcheng Development Investment Group Co, a local government financing vehicle (LGFV), has raised $300m from a three year bond.
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Haitong International Securities Group took advantage of a wide open market this week, raising $400m from a three year bond that priced inside fair value after heavy demand from the leads.
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Oil major BP printed its debut hybrids this week, defending its balance sheet from the huge slump in oil prices and the ravages of global lockdown. The company lured €20bn of orders a day after writing off up to $17.5bn of assets, proving that if you’re a company with something unusual to bring to capital markets, now is the time to do it.
