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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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High grade corporates sprang from earnings blackout to crank out multi-billion dollar deals this week as the event risk many had feared would throttle the market in October failed to materialise. -
Order books may be down but those corporate issuers not in earnings blackout enjoyed pleasing results this week, with single digit new issue premiums still achievable in the bond market.
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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.
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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.
