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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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Investment grade European companies watched their credit spreads swing out by around 30bp on Monday as global asset prices plunged. Bankers warned that borrowers rated BBB- that have not prepared their capital structures for such a rapid decline in market conditions are going to have a tough time funding themselves. -
UniCredit has appointed a new global head of debt syndicate, as the present one is leaving the bank.
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Metallurgical Corp of China (MCC) took advantage of investors’ desperation for yield and strong credits this week, selling a subordinated perpetual bond worth $400m.
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With the Schuldschein having grown into one of Europe’s foremost private debt markets, Asian and European banks have swarmed to it on the hunt for implied investment grade companies to lend to. But at the corners of the market, new characters are edging into the picture. According to several market sources, hedge funds and US investment banks have started to work their way into a still rare element of the centuries-old German market — distressed debt. Silas Brown investigates.
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Europe's high grade corporate bond issuers are being pushed into tight issuing windows by volatility caused by the Covid-19 coronavirus. But investors are prepared for this and so far deals have found strong backing.
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Optivo, the UK housing provider, has mandated banks for a long maturity sterling deal, a day after a compatriot housing association found healthy demand for a similar 23 year note in the currency.
