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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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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.
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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.