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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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Europe’s high grade corporate bond market maintained its steady flow of new issues on Wednesday, with Infineon Technologies heading into the euro market for a dual tranche hybrid, while BMW drove by in sterling and more names populated the pipeline. -
UK train leasing firm Porterbrook has entered the US private placement market, according to several market participants, seeking to raise debt under its sustainability programme.
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Investors gobbled up Hong Kong Telecommunications (HKT)’s $500m bond outing, despite a busy day for new issuance and the ongoing turmoil in the Hong Kong SAR.
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Chinese companies came to the international bond market in force on Tuesday, just days ahead of a week-long holiday in the Mainland to celebrate National Day.
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Morrisons, the UK grocer, was praised on Tuesday for a 12 year sterling bond issue, which impressed bankers off the deal.
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Infrequent issuer Henkel made a decent return to the bond market in a dual tranche intraday transaction on Monday, with the chemical and consumer goods company shrugging off concerns about its longer duration tranche to print £750m.
