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Geopolitics takes a back seat as earnings season weighs on euro corporate supply
Attractive spreads available as Air Liquide lines up Swiss franc debut
Life science, utilities and industrials dominate supply after big tech's big splurge
Fresh issuance expected to keep new issue premiums elevated
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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. -
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.
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Casino developer Sands China paid no new issue premium for its $1.5bn bond on Tuesday, despite the effects of the Covid-19 pandemic on the gaming industry.
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Airbus, the European aircraft manufacturer, flattened its curve on Tuesday with a €3.5bn three tranche bond issue that commanded €15.1bn of demand. But European syndicate bankers said it offered no read-across for whether airlines might return to the bond market soon and that their chances of doing a deal were distant.
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Barry Callebaut, the Franco-Belgian chocolate maker now registered in Switzerland, launched a Schuldschein on Tuesday offering investors tenors "upon request" alongside two, five and eight year maturities. Robert Bosch did that too, when it reopened the market last month. This is a feature that arrangers say will increase in a post Covid world.
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China’s green market has taken a big leap forward with plans to cut clean coal from the list of projects eligible for green bond financing. The move is notable — but only if the country follows it up with more measures.
