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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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China National Chemical Corp (ChemChina) has raised $6.4bn from a six-tranche transaction in euros and dollars to refinance debt taken for Syngenta’s acquisition. The issuer was willing to pay up to take more on the long end of the curve, with the juicy premium summoning a book of more than $15bn at its peak. -
Hyundai Capital America raised $800m from a dual-tranche issuance on Wednesday, the same day that chemical giant China National Chemical Corp walked away with more than $6bn from the market.
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Bond clearing house Euroclear intends to move its holding company from the UK to Belgium as it prepares for the “risks” posed by the UK’s departure from the European Union.
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Power Construction Corporation of China (PowerChina) sealed a two times covered senior perpetual bond on Tuesday, despite overall weak sentiment for such notes in a rising rate environment.
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Secondary trading platforms, buoyed up by Carillion and Steinhoff’s credit difficulties, are predicting a growth in trading activity in the Schuldschein market. Major players remain sceptical, however, questioning how widespread use of such trading platforms will ever become.
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China Minmetals Corp’s perpetual bond sale on Monday was a demonstration of the market’s strength after a volatile few weeks, but the deal came at a cost.
