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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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Germany's Covestro and the UK's 3i have both signed new revolving credit facilities with terms that were agreed before the Covid-19 pandemic sent markets plunging, but lenders said that new deals will have far higher margins. -
UK manufacturer Dyson is looking for at least £250m of debt, according to several market sources, in a private placement set to close in the middle of the pandemic that has largely shut public markets in Europe and the US.
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Governments in the Western world unleashed enormous spending packages this week to fight the economic effects of the coronavirus pandemic. But corporate bond investors want more.
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Moody's has downgraded budget airline EasyJet and put other airlines on review for ratings cuts, raining more blows on an industry being pummelled by the coronavirus pandemic.
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The coronavirus crisis is shaking up companies' financing arrangements in the most drastic way since the 2008-9 financial crisis, as firms strive to secure liquidity for what are likely to be many tough months. So far there have been only a few high profile cases of companies drawing down revolving credit facilities, but this is expected to grow, as long-established norms crumble and new patterns emerge.
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The UK government will announce a rescue plan for businesses on Tuesday after the prime minister changed guidance on dealing with the Covid-19 coronavirus the day before. But corporate bond bankers and investors believe it will do little to stop corporate bond prices from languishing.
