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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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Hong Kong-listed Li & Fung attracted $4.4bn in orders for its subordinated fixed-for-life perpetual on Thursday. The $650m deal’s success came despite Asia-ex Japan primary markets being extremely competitive with six other live deals.
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After weeks in cruise control, syndicate desks began to rev up the pace of corporate issuance this week, bringing jumbo M&A and ultra-long dated bonds to market.
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Dollar borrowers filled their boots in the last full week of October with a flurry of benchmark deals while DCM bankers were cheering the prospect of another mega M&A financing following AT&T’s offer for Time Warner.