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Proceeds earmarked to refinance upcoming maturity
◆ Strong demand for first sterling bond under Andy Burnham's government ◆ Deal navigates market vol ◆ Concession small, but investors attracted to spread
◆ French real estate group prints seven year bond ◆ Covivio skips guidance and tightens spread sharply ◆ Investor selectivity returns as orders fall
Bifurcation is emerging in how investors treat the hyperscalers
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Plenty of demand enabled Equate Petrochemical to aggressively revise pricing to print a restrained $500m sukuk on Monday from a book that reached $4.2bn before it was reconciled. Kipco followed on Thursday with an equally strong deal.
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Steel company Severstal, one of four Russian corporates rated above the sovereign, looked set to print below 4% on Thursday, tighter than guidance.
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Hochtief, the German engineering group, has joined the ranks of blue chip names rushing to the Schuldschein market, having launched a €150m deal on Tuesday.