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Estonian sovereign outing its first under local law
◆ Aerospace firm ends near six year euro market absence ◆ Books soar for seven year deal ◆ Trade lands close to fair value
◆ 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
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Snam’s zero coupon was the standout trade in the euro corporate bond market this week and while the borrower showed investors’ continued appetite for new issues, it also demonstrated conducive conditions for liability management. -
The sterling corporate bond market maintained some, albeit low, momentum as UK coach operator National Express announced the mandate for a seven year issue in the currency on Thursday.
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Italy’s corporate sector extended its run of new bonds intended to fund buy-backs on Wednesday, with multiutility Acea the latest borrower to use the manoeuvre.
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Loans and Schuldscheine have always sat side by side. With a similar lender base and documentation, the two seem almost interchangeable. This year banks have been capitalising on that similarity and driving issuance to new heights, but they should not get carried away — restructuring a Schuldschein is a lot more painful than with a loan.
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Snam visited the euro corporate bond market for the second week in a row on Tuesday, issuing a €500m four year bond and clinching a 0% coupon for the offering.
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French asset manager Tikehau Capital has added to its ranks by hiring a deputy managing director in a newly created position.
