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◆ Schaeffler attracts €5.8bn peak book… ◆ …while SPIE finds €2.8bn of orders ◆ Strong demand allows for strong price moves
◆ Issuer punches through 200bp ◆ Some concession still needed ◆ First domestic sterling deal in almost two weeks
◆ 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
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Indonesian and Indian corporates rushed to the debt market on Thursday, with Gajah Tunggal, Paiton Energy and Vedanta Resources all launching dollar transactions. -
Dairy producer Meggle has joined the ranks of green Schuldschein borrowers, launching a €50m triple tranche deal partly funded through green borrowing.
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South Korea’s KT Corp grabbed $400m from its bullet bond on Monday through a smooth transaction in an otherwise quiet day for primary issuance.
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KT Corp, formerly known as Korea Telecom, began marketing a new dollar deal on Monday morning local time, returning to the debt market a year after its last issuance.
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Shougang Corp Co, one of China’s largest steel producers by volume and assets, priced its maiden euro bond on Thursday, joining a slew of Chinese names exploring the European market this year.
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The ECB stimulus has likely contributed to a flow of borrowers and buyers entering the Schuldschein market, as downward pressure on spreads has forced lenders to look further for yield. But with talk of ECB tapering, some fear that the international investors who drove up volumes will return to more traditional stomping grounds. Others , however, think these investors will be more faithful.
