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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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Several investors have told GlobalCapital of their concern for the outlook of UK universities as borrowers. They worry that the spread of coronavirus will hit revenues, lower the demand from international students and may in the end hasten a shift towards remote learning. -
Petroliam Nasional (Petronas) stunned the bond market this week with a $6bn deal that received $37bn of orders at its peak. The Malaysian oil and gas company had to navigate volatile oil prices, a ratings outlook change and the Covid-19 pandemic, writes Morgan Davis.
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UK budget airline EasyJet has signed two new term loans totalling around £400m ($497.37m) and drawn down on an existing revolver as the airline industry, battered by the coronavirus pandemic, continues to slash costs and build capital in the hope of seeing landing lights after the storm passes.
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High grade corporate bond investors piled into new deals again on Wednesday, with American Honda paying a lower than average new issue premium and Givaudan taking almost €18bn of orders for a dual tranche trade.
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Malaysian oil and gas company Petroliam Nasional (Petronas) made its mark on the dollar bond market on Tuesday, raising $6bn from a deal that received orders of $37bn at its peak. This was despite a ratings outlook change to negative this week and headwinds from the Covid-19 pandemic and volatile oil prices.
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HSBC has overhauled the structure of its global banking business for the second time in as many years in a push to cut costs and bring its commercial and investment banking divisions closer together.
