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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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The Bank of England turned up the heat on Libor this week with plans to publish a compounded Sonia index and averages in a move that will drive the transition to the new risk-free rate with a simpler coupon calculation methodology. It will also increase haircuts on Libor-linked collateral which is intended to accelerate the switch out of Libor FRNs maturing after 2021. -
Corporate bond spreads swung wider again on Thursday, surprising some investors and bankers with the severity of the moves, after they thought investment grade credit had dodged some of the biggest hits when global securities started plunging at the start of the week.
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Perpetual tenors were in favour this week as four borrowers from Greater China sealed perps in a yield-hungry environment.
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Paccar Financial, the leasing arm of Paccar, the US maker of DAF, Kenworth and Peterbilt trucks, braved the European market on Wednesday to print a sub-benchmark sized bond, as syndicate officials said the market could move wider.
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The Bank of England has said it intends to publish compounded Sonia averages and a Sonia index using a ‘shift’ calculation method by the end of July, subject to feedback on a series of questions it has asked sterling market participants. This follows the first deal using that method from the European Bank for Reconstruction and Development Bank last week.
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Investors flocked to Hysan Development Co's opportunistic $850m subordinated bond on Tuesday, allowing it to take home a larger deal than expected.
