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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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UBS names levfin head — Mizuho finds four high yield bankers — Fintech firm Nivaura gives role to ex-HSBC syndicator -
The Schuldschein market has for many centuries attracted buy-and-hold investors, but this may change as some arranging banks are offering lenders opportunities to buy sections of their own Schuldschein positions. But many fear that the whiff of secondary markets will see regulators reclassify the instrument as a security, instead of a loan.
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Deutsche Bahn, the German railways company, wrapped up a roadshow for a dual tranche hybrid on Thursday, with investors looking at a trio of other issuers from a variety of industries for comparable notes.
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Cadent Gas, the UK gas distribution company, concluded a tender offer, buying back £400m ($498.25m) of its 2021 bonds, with investors offering to sell back more than the maximum target.
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Birmingham Airport has sold 30 and 31 year US private placements, as airports and port operators in Australia and Europe carve out a healthy chunk of market volume.
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State-owned hydropower company China Three Gorges Corp made a rare visit to the dollar bond market, extending its maturity profile to 30 years.
