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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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Europe’s high-grade corporate bond market had a lumpy week of issuance that petered out as the days went by. But there was a mixture of deal types for investors to snap up, including a rare chance to grab yield on a green bond. -
Sentiment in Europe’s high-grade corporate market has been rocked by a renewed focus on the coronavirus pandemic, with syndicate bankers saying that the boost from supportive central bank policy changes has already dissipated.
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Stricken German payments firm Wirecard has filed for insolvency, its management said on Thursday, a week after auditors refused to sign off its accounts. The move has surprised some of its lenders, who said talks to renew roughly €2bn worth of loans were proceeding until Wednesday night.
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Aéroports de Paris, rated A by S&P, cut a lonely figure in Europe’s corporate bond market on Thursday, braving difficult conditions to launch a dual tranche deal more than 100bp inside where it had printed debt at the start of the crisis.
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Private debt blossomed after the last financial crisis, as European companies grew more sophisticated and sought to diversify their funding strategies away from bank loans and bond markets. But the coronavirus has highlighted its shortcomings, particularly around speed of execution. It may be hard to regain the momentum.
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Worldline, the French payments company, received a warm reception from bond investors on Tuesday, setting aside any concerns that the scandal at German competitor Wirecard would sully sentiment towards the sector.
