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UKPN purchase seen as positive by rating agencies, leads to senior and hybrid upgrades
◆ Deal spans euros, sterling and dollars ◆ Wide range of US TMT comps used ◆ Slim premiums needed for euro tranches
◆ Telecoms firm takes €1.5bn ◆ Some premium needed at the long end ◆ Demand highest for shortest tranche
◆ Japanese firm guides debut euro deal tight ◆ Endeavour attracts strong demand ◆ Sales follow multi-day marketing exercises
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Electricité de France attracted huge demand for a €500m hybrid capital bond issue on Tuesday, as the continued grinding tighter of corporate bond spreads meant subordinated bonds enjoyed solid demand from investors. -
Volkswagen Financial Services returned to the sterling bond market on Tuesday, after hitting the market twice over the summer.
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Tesco, the UK supermarket chain, and US medical equipment firm Stryker sailed through the European bond market on Monday. Both issuers benefitted strongly from having picked the right moment to launch.
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Ermewa, a train lessor owned by France's state-owned railway company SNCF, is set to sell private placements to a collection of six institutional investors — none of which are from France.
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Chinese government-owned China State Construction International Holdings (CSCI) raised $500m from a subordinated perpetual bond, after investors put in orders that covered the transaction by more than 10 times at the peak.
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Arkema, the French speciality chemicals and advanced materials company, launched a €500m no-grow benchmark bond on Monday, which it managed to price in line with its outstanding debt.
