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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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New issue premiums evaporated in the high grade corporate bond market this week, with multiple issuers printing well through their curve as the world begins to emerge from pandemic lockdown. -
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.
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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.
