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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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Philippine company Globe Telecom raised $600m from a dual-tranche deal on Thursday, with investors attracted to the firm’s sector of operation. -
The new green hybrid bond from Dutch utility Tennet was trading tighter on Thursday, quelling suggestions from bankers off the trade that the deal’s oversubscription level was an indication that it would underperform.
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Chinese food and beverage company Bright Food sold a euro-denominated bond via its Singapore arm on Wednesday, raising €800m. It leaned on Chinese bank support to price the deal at a tighter level than where European investors were willing to buy.
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Goodman Hong Kong Logistics Fund1 (GHKLF), a warehouse property owner, found overwhelming investor support for its first dollar bond in six years.
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Tennet, the Dutch utility, lit up the market with a €1bn green hybrid that came flat to its curve on Wednesday, though some away from the trade said they would have expected to see a slightly larger book for such a well-regarded issuer.
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Andreas Petrie, who is thought of as being a key figure in cultivating the Schuldschein market into an established corporate alternative to bonds in Europe, is to retire at the end of the year.
