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◆ Attractive level found versus dollars ◆ Pricing not so dear compared to secondaries ◆ Reverse Yankees dominate credit flow
Higher rates a stumbling block for issuers that could overshadow strong demand
Deep, liquid US market offers issuers size, attractive cost and investor diversification
France’s Bastille Day and US inflation data expected to subdue supply early in the week
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JAB Holding, the consumer products holding company, steepened its credit curve this week with its dual tranche bond, as it preferred securing demand over squeezing investors on pricing. -
Fear of an onshore default by a Chinese local government financing vehicle (LGFV) led to a sell-off in the dollar bond market on Monday. But after news emerged of a government rescue of the company, both the primary and secondary markets quickly recovered.
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JAB Holding, the acquisitive consumer products holding company of the Reimann family, launched eight and 20 year euro benchmark bonds on Monday, hoping to adjust its debt pile with the proceeds.
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The Netherlands’ Prosus has raised its takeover offer for food delivery firm Just Eat to around £5.1bn. It has brought in a host of banks to finance the bridge facility, but the boss of opposing bidder Takeaway.com called Prosus' bid “derisory”.
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India's REC, formerly known as Rural Electrification Corp, raised $500m from a five year bond on Thursday.
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Chinese local government financing vehicle (LGFV) Kunming Rail Transit Group Co made its inaugural appearance in the dollar market on Thursday, raising $500m after a large price tightening.
