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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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Adani Transmission has raised a further $90m US private placement, according to market sources, after it became earlier this year the first Indian company to raise debt in the market since 2007.
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The corporate bond market made a blazing start to Monday with deals for Repsol, Naturgy and LafargeHolcim on screens, as issuers cram what they can into a shortened week.
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Daimler has signed a €12bn one year loan with four banks, to strengthen its cash position for the pandemic’s stormier days. It joins a host of borrowers agreeing new credit lines with relationship banks, rather than drawing down existing facilities. Bankers say the borrowers hope to enter the bond markets down the line.
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High grade companies poured into the bond market this week as participants weigh up whether this is a redux of 2009’s record year or if the unprecedented central bank spending and high bank liquidity mean that this is a unique market where borrowers raise cash even if they do not really need it.
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First Abu Dhabi Bank has appointed a new UK head of global markets.
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There was little let up in the high grade corporate bond market on Thursday, but the growing importance that investors are putting on individual borrowers' perceived exposure to corona risk over more traditional measures of creditworthiness like credit ratings was on full display.