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◆ Deal spans euros, sterling and dollars ◆ Wide range of US TMT comps used ◆ Slim premiums needed for euro tranches
◆ Telecoms firm takes €1.5bn ◆ Some premium needed at the long end ◆ Demand highest for shortest tranche
◆ Japanese firm guides debut euro deal tight ◆ Endeavour attracts strong demand ◆ Sales follow multi-day marketing exercises
Geopolitics takes a back seat as earnings season weighs on euro corporate supply
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New issue premiums evaporated in the high grade corporate bond market on Wednesday, with multiple issuers printing well through their curve as the world begins to emerge from pandemic lockdown. -
US insurance companies that buy private placements are concerned the damaging effects of coronavirus on corporate earnings may prompt a flood of credit downgrades by the National Association of Insurance Commissioners (NAIC), the regulatory body which imposes upon them risk-based capital charges.
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High grade bond investors had a plethora of trades to pick from on Wednesday, as corporate bankers say May is shaping up to be a breakneck month for issuance.
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Hong-Kong based conglomerate CK Hutchison Holdings hit the international bond market with a dual-tranche deal on Tuesday, finding a window to raise $1.5bn.
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Shell, the Anglo-Dutch oil major, printed €2bn of bonds with a single digit new issue premium on Tuesday, becoming the latest euro issuer to hit the market twice in quick succession to exploit tightening secondary spreads.
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BNP Paribas blamed European authorities’ restrictions on 2019 dividend payments for losing it €184m in its equities business, when it released its first quarter results on Tuesday. However, in debt capital markets and fixed income, currencies and commodities (FICC) it was a more positive picture, as the bank took advantage of a surge in debt origination and electronic trading.
