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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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Chunky books and shrinking new issue premiums were everywhere in Europe's high grade corporate bond market on Tuesday, as some investors said the market felt like it had found solid ground again after huge moves in recent weeks. -
Some M&A bankers said they plan to pull the trigger on deals after the summer if the coronavirus pandemic continues to be contained, though lenders warned that internal credit analysis has become more stringent.
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Schuldschein bankers are working out what pricing is fair during the Covid-19 crisis, as investors observe sharp widening in euro bond spreads.
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The high grade corporate bond market is bursting with deals on Tuesday, with recent record flows prompting some to expect issuers to move down the capital structure and into hybrid deals from next week.
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European corporates found a strong bond market on Monday after raising a record amount of bond funding last week, as the European Central Bank pours money into high grade debt.
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Sanofi, the French pharmaceutical company, followed the example of Danaher by reopening bonds that priced in the last few weeks. It raised another €500m on Monday, pricing well inside where it priced the original bonds at the end of March.
