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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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A divergence is forming between loans bankers and bond market investors over how to treat oil borrowers after the historic crude price falls, with the fixed income investor market seemingly taking a more bullish approach on the industry. -
Switzerland’s Firmenich and Australia’s APA Group have mandated banks to arrange fixed income investor meetings, with both companies looking to recapture the magic of compatriot issuers in recent weeks.
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Helaba has been far more active than other arrangers in the Schuldschein market, launching at least three deals after the pandemic struck European capital markets in March. While others told clients to postpone deals until clarity emerged on price and investor appetite, the Frankfurt-based Landesbank has ploughed ahead.
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London-listed Pharos Energy has withdrawn from talks to buy Egyptian assets from Royal Dutch Shell, as the historic rout in oil prices overnight took its first M&A scalp.
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Cast-iron technical factors are managing to support recent bond issues for European oil majors at prices above reoffer, despite the price of the commodity plumbing historic depths this week. But analysts warned that this is just the beginning and a second wave of Covid-19 cases would be a “disaster” for the oil and gas industry.
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Recent dollar bonds in Asia offer timely insight into the ingredients needed to seal deals in the Covid-19 environment.
