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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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Carnival, the Anglo American cruise company, has launched a €600m 10 year trade, with the corporate bond pipeline filling fast. -
Matthieu Pigasse, one of France’s most famous bankers, is leaving Lazard for a new project.
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Capital markets have long been unattractive funding routes for UK local authorities as the Public Works Loan Board — a government body that provides loans to public bodies — has offered lending levels that public and private markets could not compete with. But a recent Treasury announcement may have tipped the scales in PP players' favour.
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The next economic downturn will be much more severe than the last financial crisis because firms have twice as much outstanding debt as they did in 2008, said a leading academic this week.
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A surprise agreement between the UK government and the European Union has led to renewed optimism for the country's capital markets. There is hope that an orderly Brexit, or even a long extension, will lead to an increase in investment from UK companies, particularly in the form of M&A. Investors are more than willing to finance these deals, write Sam Kerr, Jasper Cox and Mike Turner.
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The Bel Group, the French cheese company behind brands Babybel and The Laughing Cow, has become the first company to issue Euro private placement (Euro PP) notes with sustainability-linked margins, following in the footsteps of the loan market, the Schuldschein market and subsequently the bond market.
