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Spreads widen after string of surprise jumbo tech trades
◆ 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
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High grade corporate borrowers have crammed into what syndicate bankers have labelled the last clear issuance window of the year, with Stryker Corp, Tesco and Arkema out with euro trades. -
Akuo Energy, a French renewable energy producer, has sold €45m of green Euro Private Placements (Euro PP), as the sustainable element in the market grows.
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The Society of London, better known as Lloyd’s of London, has raised £300m ($387.15m) in its first US private placement (US PP) in its 333-year history. The insurance market achieved tighter margins with lengthier tenors, according to market sources, as the A+/AA- rated borrower benefited from US institutions swapping back to dollars.
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France’s LVMH has agreed to buy jeweller Tiffany & Co. for around $16.2bn, with Bernard Arnault’s luxury goods group having to up its offer to $135 a share.
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Francesco Bertocchini has joined Nomura from UBI Banca as a managing director for Italy.
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Troubled Chinese commodities trader Tewoo Group has revealed its plan to exchange or purchase for cash $1.25bn of outstanding offshore bonds, just days after getting funds from Industrial and Commercial Bank of China (ICBC) to make an imminent coupon payment.
