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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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The corporate sterling bond market, mired in Brexit angst for much of the year, has burst back to strength this week as it beat the euro market on pricing and won the attention of international issuers and investors. Ross Lancaster reports. -
After Shell printed its €2.25bn dual tranche bond on Wednesday, market participants are expecting an empty two weeks for issuance, before activity restarts at the end of August. That’s for euro houses though. Those banks with sterling operations are enjoying the fruits of Bank of England governor, Mark Carney’s anticipated corporate QE programme, which has accelerated pricing compression in the market. Sterling deal flow can keep pace throughout August it is hoped.
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Shell made a quick move from publishing earnings results to issuing a dual tranche bond on Wednesday, the euro market’s only investment grade corporate deal of the week.
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Two weeks into August and the anticipated summer slowdown is still not that slow, with big name borrowers continuing to test both the investment grade and high yield bond market, as well as bringing leveraged loans.
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BP Capital Markets slotted into August’s smooth run of corporate sterling bond issuance on Tuesday, as it issued a benchmark seven year transaction that was priced inside its euro curve.
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BMW tapped into the increasing pace of corporate sterling bond issuance as it issued a benchmark six year offering against the backdrop of anticipated central bank intervention in the market.
