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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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LVMH Moët Hennessy – Louis Vuitton SE, the French luxury goods group, and Comcast, the US telecoms company, brought the European corporate bond market’s two biggest multi-tranche issues of the year on Wednesday, each hitting sterling and euros and blasting aside fears around coronavirus epidemic’s economic impact. LVMH raised €9.33bn, and Comcast €4.6bn. -
As Goldman Sachs hunts for incremental gains in its investment banking division, it need look no further than its European franchise, where it continues to trail JP Morgan, writes David Rothnie.
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Volkswagen Financial Services and United Utilities Water hit the sterling bond market this week to print £650m of debt. Issuers are finding a warm reception in the currency, despite the UK having left the European Union last Friday.
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Cepsa, the Spanish oil company, and Tyco Electronics, the US sensor technology company whose parent TE Connectivity is headquartered in Switzerland, hit screens with single tranche bond issues on Thursday, giving investors a break from the rash of jumbo deals in euros earlier this week.
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Investors rushed to Indian company Adani Electricity Mumbai's (AEML) bond on Wednesday, flooding the $1bn deal with orders that reached more than $6bn at their peak.
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Asian issuers found strong response to their dollar bonds on Wednesday, coming to the market after a rough start to the week on the back of the coronavirus-related volatility. As investors show their willingness to take on risk again, debt bankers are optimistic the pressure on the market will be lifted before long, writes Morgan Davis.
