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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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The US’s Thermo Fisher Scientific had a barnstorming outing in the euro bond market on Tuesday, raising hopes that fears of an oversaturated market were overblown.
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Two Chinese companies tapped dollar bond investors on Monday. One of the most active issuers this year, Zhenro Properties Group, came out with an aggressively priced $300m transaction, while a district-level government financing vehicle sold its debut offshore deal.
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ITV, the UK television company, expects to buy back about €506m of its 2022 and 2023 bonds in a tender offer, days after pricing fresh bonds.
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Germany’s Henkel, a chemical and consumer goods company, launched a dual tranche sterling bond on Monday, as bankers said the busy high grade market was showing signs of saturation.
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Hong Kong-based Li & Fung and Thai state-owned PTT have kicked off their liability management programmes, and plan to support their tender offers with new bonds.
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A range of Chinese issuers, including two property developers and a local government financing vehicle, have raised funds from the dollar bond market.