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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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PerkinElmer, the US human and environmental health technologies company, rolled into a piping hot European bond market on Tuesday and aggressively cut pricing on its debut euro bond, only for it to snap 35bp tighter in secondary. -
The first corporate bond new issue has been priced in euros at a negative yield. Deutsche Bahn raised €350m of five year debt on Wednesday with a 0% coupon, at a yield of -0.006%.
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Singapore’s Olam International is seeking investors for a subordinated dollar perpetual non call five trade, opening books on Wednesday morning with initial guidance in the 5.5% area.
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ONGC Videsh is ready to return to the dollar debt market after a hiatus of two years, mandating banks for a potential offering on Wednesday.
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South Korea’s KT Corp won over investors for 10 year paper on Tuesday, despite recent sharp movements in Treasury yields, as the borrower’s rarity value and industry strength proved attractive.
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Chinese local government financing vehicles have been on a roll recently, pushing out a parade of deals in the international bond market. The latest to join the fray is Chongqing Nan’an Urban Construction and Development, which raised $800m from a well received deal on Tuesday.
