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◆ Telecoms firm takes €1bn across two legs ◆ No to negative premiums offered ◆ Real money sticks as fast money falls out
◆ Real estate firm takes £400m on second outing ◆ Single digit concession needed ◆ Elevated sterling yields putting off potential issuers
◆ Food group issues euros to finance dollar tender ◆ Low single digit concession offered ◆ Dairy firm Arla preps euro debut
Estonian sovereign outing its first under local law
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European investment grade corporate bond investors are poised napkins tucked in, cutlery at the ready, as the reception this week for Vodafone’s €1bn 15 year trade and Heathrow’s £400m 33 year notes showed forcefully. It is unlikely there will be many more courses to follow.
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Beijing Enterprises Water Group (BEWG) sold its debut Panda bond on Tuesday raising Rmb4bn ($600m), in only the third publicly sold Panda debt in China’s exchange market.
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IHS Markit has launched indices that track US dollar, sterling and euro investment grade infrastructure corporate bonds, as well as US dollar high yield infrastructure names.
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Heathrow Airport came out of its earnings blackout to issue a benchmark 33 year sterling bond from its secured funding programme on Tuesday, clinching a minimal new issue premium.
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Vodafone paid its second trip to the European corporate bond market in a year on Tuesday, issuing a €1bn 15 year deal and entertaining the possibility of a 30 year trade.
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China’s Fenghui Leasing Co obtained a first-time rating on Tuesday ahead of its offshore debut in dollars while India’s Adani Transmission has ditched a potential Masala bond in favour of just selling dollars.