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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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Europe’s high grade corporate bond market faced one of its biggest tests on Wednesday, with France’s Auchan, which operates in the heavily disrupted retail sector, getting a deal away with one of the larger new issue concessions seen in recent weeks. -
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.
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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London-listed Pharos Energy has withdrawn from talks to buy Egyptian assets from Royal Dutch Shell, as the historic rout in oil prices overnight took its first M&A scalp.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.
