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Elevated NIPs not to be uniform, with some sectors set to pay more than others
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
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Brussels Airport has issued a €500m US private placement in three tenors in a “blowout transaction”, according to market sources. -
Chinese local government financing vehicle Chongqing Nan’an Urban Construction and Development Group closed a $500m five year bond sale on Tuesday, but only after shifting some of the banks running the deal.
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Spanish infrastructure and renewable energy company Acciona has returned to the Schuldschein market with a €150m-minimum triple tranche transaction. As lenders begin to loosen lines to Italy and Spain, arrangers said there may be more borrowers from those countries to come.
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Yiwu State-owned Capital Operation Co, a Chinese local government financing vehicle (LGFV), nabbed $600m on Wednesday in a deal that was led by 14 banks.
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Three Chinese borrowers sold perpetual notes on Tuesday, raising a combined $900m from the rare structure.
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The market welcomed a dose of investment grade rated corporate and financial supply on Thursday. State-owned enterprise (SOE) Shougang Group saw its bond rally in the aftermarket, while onshore brokerage Huatai Securities and China Ping An Insurance Overseas also managed to price deals tightly.
