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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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Soha Housing has sold a £40m private placement in a bilateral transaction. -
With the growth of socially responsible investing (SRI), coal companies are having an increasingly hard time appealing to bond investors. But Indonesia's Adaro Energy wooed accounts to its $750m deal with its efforts to clean up its business.
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A UK government body providing cheap debt to local authorities increases its lending margins, so in step nimble institutional investors to capture a slice of a new asset class. It sounds poetically simple. The reality will be more prosaic.
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The UK Treasury’s decision to raise the cost of borrowing for local authorities has caused quite a stir in private placement markets, as players realise institutional investors are prepared to offer debt at more attractive rates than the Public Works Loan Board (PWLB). But the more adventurous local authorities may find capital markets a tougher pitch to play on, writes Silas Brown.
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JP Morgan changes line-up for energy and utilities, multi-nationals, UK ECM and UK M&A — UniCredit swaps out CEE investment bank head — Pigasse exits Lazard
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High grade corporate bond investors found themselves in a tricky spot this week, with issuers entering earnings blackout periods just as the European Central Bank adds a huge technical bid in the form of its asset purchase scheme. Meanwhile, the macroeconomic picture is starting to look increasingly frayed at the edges for debt markets. Mike Turner reports.
