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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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Firmenich, the Swiss fragrances company, reopened Europe’s corporate hybrid market on Wednesday, as similar deals lined up from companies including Dutch utility Tennet. -
China Ping An Insurance raised $600m in the bond market on Tuesday, after finding strong support from Asian investors during calls on Monday.
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Hong Kong property company Hysan Development Co returned to the bond market on Tuesday, raising $400m in spite of the political turbulence that has rocked the special administrative region.
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UK food and ingredients company Tate & Lyle has sold a $200m US private placement, according to two sources familiar with the situation. Several agents have said that requests for proposals are now rolling in after a quieter few months.
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Firmenich, a Swiss fragrance and flavour company, will this week become the first hybrid bond issuer since the coronavirus pandemic hit Europe, in a deal that will be closely watched by the market.
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Severn Trent, the UK water utility, achieved blowout demand on Tuesday for its sustainable bond, as bankers say the focus in the high grade market is shifting from crisis mode back to socially responsible debt.
