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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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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. -
Corporate bond syndicate bankers are telling issuers that the best way to approach the primary market for now is to stay away, as spreads swoop to their widest for years. However, some investors are still open to buying deals at the new levels, and issuers are watching closely.
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Private debt funds in Europe may be the hot new thing to some in capital markets but they could be about to come of age, having never been through a serious credit downturn before. The market is under scrutiny over how it will cope with the credit ramifications of Covid-19.
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A sharp turn in market sentiment following the announcement of a travel ban by the US has destroyed any hopes for a revival in the corporate bond market, sending high grade spreads 25bp wider as borrowers ducked and covered until at least next week.
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The sharp turn in market sentiment following a travel ban announced by the US has destroyed positive sentiment in the corporate bond market, sending high grade spreads 25bp wider as borrowers took cover until at least next week.
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Asian bonds showed some signs of life mid-week after markets collapsed on Monday. But that reprieve proved to be extremely short-lived, as another round of panic selling on Thursday left issuers with little choice but to put their deals on hold. Morgan Davis and Addison Gong report.
