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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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Singapore Telecommunications (Singtel) raised $750m on Wednesday from its annual bond outing. -
Yinchuan Tonglian Capital Investment Operation Co, a Chinese local government financing vehicle, failed to meet its $300m funding target on Wednesday. Concerns around the company’s old ties to cash-strapped Shandong Ruyi Technology Group and troubles at other LGFVs dented investor support.
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French food company Danone led the pack in a strong day for vanilla corporate bond issuance in Europe, with an €800m deal, as some syndicate bankers say recent borrowers are looking to return to the market soon to take advantage of tightening spreads.
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Europe’s investment grade companies added to the workload of a rejuvenated but busy green bond market on Wednesday with deals from Alliander and Prologis. But debt bankers believe that, after weeks of emergency funding in response to the coronavirus pandemic, the coming weeks should bring the return of more run-of-the-mill trades.
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Several market players have said family offices in need of cash are struggling to come to terms with restrictions on companies that have taken state aid to survive the coronavirus pandemic paying dividends. This has made other forms of debt, such as Schuldscheine, with no bans on dividend payments, more attractive.
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Hongkong Electric skipped a roadshow for its return to the dollar bond market after a four-year hiatus, relying on its rarity value and the defensive nature of the utilities sector to raise $500m.
