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◆ 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
Attractive spreads available as Air Liquide lines up Swiss franc debut
Life science, utilities and industrials dominate supply after big tech's big splurge
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US entities of two of the Big Four accounting firms have entered the private placement market. KPMG sold US private placements in early April, according to market sources, while Deloitte is looking to follow suit. -
Tesco, the UK grocer, found the queues for its sterling bond issue on Monday were almost as long as those for its toilet roll. Pent-up demand for sterling debt meant its £450m trade was more than eight times oversubscribed and priced through higher rated comparable debt.
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The roaring dollar bond market could start to entice more European corporate issuers to sell Yankee bonds, after US Federal Reserve largesse swung dollar spreads inside euros.
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China National Travel Service Group Corp (CNT) raised $900m from a dual-tranche bond on Thursday, making it the first Chinese state-owned enterprise to come to the market in more than a month.
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The tussle between bond syndicate desks and investors about whether opening books well wide of the final target spread is a worthwhile endeavour or a red flag for unprofessionalism has raged for years. This time, syndicate desks have called it right to start deals so cheap.
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The uneven way the coronavirus crisis has hit industries and their credit spread curves is piling pressure on bond syndicate desks, which are finding it increasingly difficult to pinpoint the right levels at which to begin price thoughts for new issues — leading to some eye-popping pricing moves during execution.
