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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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Marcus John, founder and chief executive of Sports Capital Advisors, tells GlobalCapital to expect a wave of insolvencies in national sport leagues but, he believes, sports with global appeal should fare better after lockdowns ease. Whether TV rights, a key source of revenue for major leagues, will be impacted remains unclear. -
Thailand’s PTT Exploration and Production Public Co (PTTEP) found strong support for its $500m seven year bond on Thursday, despite an aggressive price tightening during bookbuilding.
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Hong Kong-based Nan Hai Corp made a rapid return to the bond market on Thursday, raising $350m.
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Europe’s high grade corporate bond market saw a steady stream of trades this week, with the bigger than expected fresh wave of bond buying announced by the European Central Bank forecast to keep the rally in corporate credit going.
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Engie, the French electricity and gas company, braved the markets alone as the European Central Bank met on Thursday, with the bigger than expected fresh wave of bond buying announced forecast to keep the rally in corporate credit going.
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Many felt that Chinese banks, key investors in Schuldscheine, would pull back from the market as the pandemic hit. This has been far from the case.
