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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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China Communications Construction Company courted investors with two subordinated perpetual notes on Thursday, netting $1.5bn from the transaction. -
Asia’s credit markets have held up well despite the news around the spread of the novel coronavirus, with another spate of Chinese issuers pricing bonds that proved a hit with investors.
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Reports from PitchBook and Preqin have found an increased concentration of capital in private debt funds, which is giving larger asset managers a whip hand in dealmaking. Meanwhile, smaller funds are struggling to raise and deploy capital, and investors are seeking the safety of big players ahead of an expected downturn. Silas Brown reports.
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High grade corporate bond investors in Europe will have a range of names to pick from in the coming days, as US white goods maker Whirlpool and compatriot technology and manufacturing conglomerate Honeywell international hit euros and UK utility Welsh Water hires banks for a dual tranche sterling deal.
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Nabil Lahham has joined HSBC to head up advisory and corporate finance coverage for the Middle East, North Africa and Turkey. He was most recently at Perella Weinberg Partners.
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Akelius Residential Property, the Swedish property company, and British Telecommunications ratcheted in the yields on their hybrid capital issues by 50bp and 60bp respectively this week, as the market clamoured for yield.
