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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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The overwhelming supply of international bonds from Asia continued on Tuesday, as issuers dashed to raise dollars, and in one case, sterling. But not every borrower was able to cross the finish line. -
JP Morgan and MUFG have been appointed Everton FC’s financial advisers to arrange roughly £500m ($651m) of financing for the football club’s new stadium at Bramley-Moore Dock in Liverpool. One source close to the prospective deal told GlobalCapital “all options are on the table” regarding funding routes.
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Prosus, the Dutch-based consumer internet company spun off by Naspers in September, has launched a $1.25bn 10 year bond, days after it failed to convince shareholders in takeaway delivery group Just Eat to sell it the company.
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Ireland's Electricity Supply Board opened 2020's sterling corporate bond market on Tuesday and won enough demand to increase the £300m deal slightly.
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Arkema, the French chemicals company, has issued the second corporate hybrid capital bond in Europe in as many days. Bankers say investor appetite for higher risk securities is almost insatiable.
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Two Indonesian deals brought international investors some relief from the onslaught of Chinese bonds on Monday. Pertamina and Tower Bersama Infrastructure netted a combined $1.85bn from three tranches of notes.
