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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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As UK voters made their way to the polling stations, Europe’s investment grade corporate bond market geared up for a frantic Friday, when the referendum’s results are announced. -
A slump in high-grade issuance has prompted fears of a prolonged slowdown in US corporate bond supply, with borrowers shelving their funding plans until the autumn.
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Markets watchers in Asia said they were optimistic, as GlobalCapital Asia went to press on Thursday, that next week would be a return to business as usual, given their widespread expectations that the UK would choose to remain in the European Union. But some warned that, irrespective of the outcome, currency risks could spill over to other asset classes, adversely affecting bonds and equities.
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China's State Administration of Foreign Exchange (Safe) has expanded a pilot renminbi conversion scheme to all non-financial companies, allowing them to repatriate offshore bond proceeds. This will help reduce confusion over different rules from different regulators and boost direct offshore bond issuance, said market participants.
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With European corporate bond issuance unsurprisingly non-existent on Wednesday, spreads have held steady in secondary markets ahead of the UK’s referendum vote on its EU membership.
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Yunnan Metropolitan Construction Investment Group Co is looking to join the slew of Chinese local government financing vehicles (LGFV) tapping the offshore bond market.
