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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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The roaring dollar bond market could start to entice more European corporate issuers to sell Yankee bonds, after US Federal Reserve largesse swung dollar spreads inside euros. -
China National Travel Service Group Corp (CNT) raised $900m from a dual-tranche bond on Thursday, making it the first Chinese state-owned enterprise to come to the market in more than a month.
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The tussle between bond syndicate desks and investors about whether opening books well wide of the final target spread is a worthwhile endeavour or a red flag for unprofessionalism has raged for years. This time, syndicate desks have called it right to start deals so cheap.
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The uneven way the coronavirus crisis has hit industries and their credit spread curves is piling pressure on bond syndicate desks, which are finding it increasingly difficult to pinpoint the right levels at which to begin price thoughts for new issues — leading to some eye-popping pricing moves during execution.
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The euro high grade corporate bond market was noticeably calmer this week, but deals for issuers as diverse as Telstra, American Honda, La Poste and Givaudan saw chunky books and shrinking new issue premiums.
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US banks this week reported stellar returns from trading and underwriting in the first quarter, even as the bottom line was hit by gigantic writedowns and reserves for credit losses, as the economic and financial disruption from the coronavirus crisis took its toll.
