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Investors maintain orders as issuers push tight, although some limits are appearing
◆ Canadian retail chain lands euro bond close to equivalent dollars ◆ Some concession needed for first new euro line in two years ◆ Minimal attrition as issuer pushes through 100bp barrier
◆ Vier Gas almost six times covered ◆ RCI Banque increases size ◆ Pair price with minimal concessions
Earnings blackouts and higher funding costs to supress April supply
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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.
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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.