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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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China Aluminum International Engineering Corp (Chalieco) raised $350m from a senior perpetual bond after closing the order book much earlier than usual. Shanghai Electric (Group) Corp made a rare visit to the dollar market. -
Long maturity corporate bonds denominated in euros continue to live on borrowed time according to some corners of the market, as low rates and central banks’ buying of bonds mask the euro market’s failure to mature into a competitor against US dollars for trades beyond 10 years.
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A trio of triple-B rated companies brought bond sales totalling €2.75bn on Thursday, as a primary market abuzz with official stimulus roared towards the year's close.
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Carrefour, the French supermarket group, has launched a tender offer for €2bn of bonds, hoping to buy back a maximum of €400m.
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Gewobag, the A2/A+ rated German housing company, launched the first Schuldschein with a Euribor floor set below zero last week. Market participants said more will follow in 2020.
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Commerzbank’s corporate clients division will focus on small and medium-sized enterprises (SMEs) and cross-selling over pure growth, as it continues with its latest strategic plan.
