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France’s Bastille Day and US inflation data expected to subdue supply early in the week
Foreign issuers tap market for price and diversification
Hyperscaler funding needs could drive the next wave of US supply in euros
Cooler reception suggest AI capex hype is shrinking
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London-listed Pharos Energy has withdrawn from talks to buy Egyptian assets from Royal Dutch Shell, as the historic rout in oil prices overnight took its first M&A scalp. -
Cast-iron technical factors are managing to support recent bond issues for European oil majors at prices above reoffer, despite the price of the commodity plumbing historic depths this week. But analysts warned that this is just the beginning and a second wave of Covid-19 cases would be a “disaster” for the oil and gas industry.
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Recent dollar bonds in Asia offer timely insight into the ingredients needed to seal deals in the Covid-19 environment.
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Europe’s high grade corporate issuers began the week deploying their recent tactic of tightening spreads aggressively during bookbuilding from cheap starting points, with Elia Transmission Belgium ratcheting in its spread by 60bp from initial price thoughts.
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US entities of two of the Big Four accounting firms have entered the private placement market. KPMG sold US private placements in early April, according to market sources, while Deloitte is looking to follow suit.
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Tesco, the UK grocer, found the queues for its sterling bond issue on Monday were almost as long as those for its toilet roll. Pent-up demand for sterling debt meant its £450m trade was more than eight times oversubscribed and priced through higher rated comparable debt.
