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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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Green corporate bond investors had plenty to sink their teeth into on Thursday, with electric utlities E.On bringing three tranches and Red Electrica making its debut in the format. -
Chinese real estate issuers dominated the dollar bond market this week, with 16 developers pricing deals by Wednesday. Ample liquidity and a risk-on sentiment allowed most issuers to go long and cheap, but the mid-week volatility in the global market proved costly to some companies, writes Addison Gong.
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Faber-Castell, the German manufacturer of office supplies, was the second borrower to enter the Schuldschein market in 2020, offering five and seven year notes with a sustainability-linked ratchet on Wednesday.
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Reden Solar, a French company that constructs and manages photovoltaic power plants, has sold a green euro private placement (PP).
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German pharmaceutical firm Vetter launched a Schuldschein on Tuesday, which is the first such offering in the market in 2020.
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Chinese e-commerce giant JD.com has returned to the dollar bond market for the first time since 2016 for $1bn, pushing out its maturity profile and pricing the deal at levels comparable to some of its much higher rated peers. Addison Gong reports.
