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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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Recent dollar bonds in Asia offer timely insight into the ingredients needed to seal deals in the Covid-19 environment.
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Europe’s high grade corporate issuers began the week deploying their recent tactic of tightening spreads aggressively during bookbuilding from cheap starting points, with Elia Transmission Belgium ratcheting in its spread by 60bp from initial price thoughts. -
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.
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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.
