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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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Companies in sectors under strain from the Covid-19 outbreak are expected to rely on bank funding if debt markets remain out of reach, using funds from as yet undrawn revolving credit facilities and signing new bridges to bond facilities or bilateral loans. -
UK corporate bond investors battered by the most volatile markets for a decade will be watching TV screens closely on Wednesday, as the UK government delivers its Budget, which some hope could bring markets a dose of calm. But there was good news from New York, where three companies have launched the first US bond issues after two closed days.
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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.
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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.
