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Conservative tenors likely to be in demand when issuance resumes
Market participants still hope to clear backlog before April
◆ Longer tranches earmarked for Hinkley Point C financing ◆ Books close at just under €11bn ◆ Single digit concessions offered
◆ Deal is the fourth EuGB labelled hybrid ◆ Issuer punches through fair value... ◆ ...and gets its tightest senior/sub spread
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China’s tighter grip on offshore bonds from local government financing vehicles (LGFVs) has given a short-term boost to issuance volume in the past few weeks. But although the deal flow from the sector is set to slow down, concerns over LGFV risks are far from over. -
Investors embraced the duration offered by Adani Ports and Special Economic Zone this week, snapping up its $750m trade and pushing the order book to a hefty peak of $4.5bn.
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Buzzi Unicem has returned to the Schuldschein market, looking for at least €100m of debt in four maturities. The pricing levels are tighter than on the Italian cement and concrete group’s debut Schuldschein in 2017. Bankers thought this was thanks to investors' growing familiarity with the borrower, as well as a rating upgrade from Standard & Poor's.
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CMB Financial Leasing raised $1bn from two dollar bonds on a day that a number of Chinese local government financing vehicles (LGFVs) and property developers also cashed in on the conducive market backdrop for new issuance.
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Porsche AG, maker of Porsche sports cars, has returned to the Schuldschein market, on the hunt for funds for research and development into electric cars, among other green projects.
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China General Nuclear Power Corp (CGNPC) raked in $600m on Monday from its third green bond sale, benefitting from investors’ eagerness for investment grade paper.
