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◆ Fourth largest deal from any corporate in euros ◆ Concession needed to lock in size ◆ Marketed alongside debut Canadian dollar trade
Volumes and concessions are set to skip higher, hand in hand
◆ Safer credits prove popular in uncertain market ◆ Alliander sheds orders as it punches through fair value ◆ Argan ends near five year euro absence
Lull in dollar corporate supply supports spread levels
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UK transport operator FirstGroup has raised dollar funding in the US private placement market in a bid to refinance sterling bonds expiring in September. According to one agent, the transaction was twice subscribed despite 15 other borrowers also being in the market. -
German car manufacturer Daimler and Chinese auto rental company Car debuted in the offshore renminbi market this week, raising Rmb1.4bn ($223.2m) between them.
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Personal computer maker Lenovo priced a $750m deal on Thursday as part of a liability management exercise, switching some investors out of an old bond that will mature next year. But like others in the market, the borrower had to pay a double-digit new issue premium to ensure success.
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Baidu managed to raise $1.5bn from a dual-tranche bond on Thursday, but a choppy market backdrop meant the notes took a battering in the aftermarket.
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Watford Community Housing has raised £200m from a mixture of loan facilities and private debt. Housing association transactions have been “keeping PP agents busy” in a quieter month in the sterling private placement market.
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DCM bankers in Asia are gearing up for a hectic April as investors put the US interest rate hike behind them. But how will borrowers, particularly those that are lower rated, navigate the many fundraising challenges ahead? Addison Gong finds out.
