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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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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.
