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◆ 12 year tranche is longest euro trade in weeks ◆ Issuer goes for price then size ◆ Some concession needed for dual trancher
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
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Germany’s E.On came with a €500m no-grow 2031 trade on Thursday, as corporate bond syndicate bankers said it was still too early to judge the scale of the European Central Bank’s bond buying programme.
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Verizon Communications, the US telecoms group, returned for the second time to the Kangaroo market on Wednesday to extend its curve out to 20 years in what one lead manager described as a first for the market. -
Italian infrastructure engineering firm Maire Tecnimont has brought a sustainability-linked note to the Schuldschein market, the second to be launched this week. However, with this debut issue, the margin rise or fall is larger than the previous two, making it an interesting test for investors.
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Gestamp, the Spanish automotive engineering company, has closed its Schuldschein with indications of a final size at about €180m. Market players believe that Spain and Italy may be the next key sources of growth in the years to come.
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Germany’s Daimler and the Netherlands’ KPN were out for euro bonds on Wednesday. High grade corporate bond players kept an eagle eye on the trades to see what shape the European Central Bank’s bond buying programme would take this time round.
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The UK’s SP Transmission, the transmission arm of Scottish Power, has hired bank for a debut sterling bond, as issuers look to raise debt before a general election in December.
