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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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UK electricity distributor Electricity North West, which manages electricity networks in the north west of England, has started marketing US private placements. However sources are worried the market will not cope with pricing transactions amid wild swings in Treasury yields. -
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.
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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.
