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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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Germany’s Bayer took a cautious approach to issuing a €1.75bn dual tranche hybrid capital issue on Thursday, but despite the huge litigation battle it is facing, yield-hungry investors piled into the deal, pushing the book above €10bn and enabling Bayer to chop a fat slice off the yields. -
Technology firm Apple issued its first euro green bond on Thursday, selling a €2bn deal that bankers thought had been priced flat to its curve. The issue continued a strong recent run of Reverse Yankee deals.
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UK housebuilder Bovis Homes is heading to the debt and equity markets to finance an agreed £1.075bn acquisition of part of compatriot Galliford Try’s business.
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Guangzhou Metro Group Co raised $200m from a popular return to the dollar bond market on Wednesday, while two of its Chinese local government financing vehicle (LGFV) peers made their offshore debuts.
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Boston Scientific Corp, the US medical devices maker, obtained plenty of demand for its €900m bond as it made its debut in the Reverse Yankee market on Wednesday, while the euro corporate bond pipeline continues to fill for a flurry of issuance in November.
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The UK’s SP Transmission, the transmission arm of Scottish Power, issued its debut bond on Wednesday almost five times oversubscribed, as sterling demand remained solid on the day UK political parties opened their general election campaigns.
