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High grade and crossover bonds

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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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  • Dominique Jooris has left Goldman Sachs to become chief executive of Bank Pictet & Cie in Singapore.
  • China State Construction Engineering Corporation Limited and Tianjin Infrastructure Construction are getting ready to meet investors ahead of their respective dollar fundraisings.
  • French aerospace and defence company Thales returned to the European corporate bond market this week after a three year absence, printing a €600m seven year bond and clinching a 0bp new issue premium.
  • Undeterred by some investor wobbles around appetite for long dated maturity, Irish state electricity company Electricity Supply Board (ESB) came to market on Tuesday with a €500m 15 year bond.
  • Moody’s and S&P Global Ratings this week assigned ratings to potential hybrid bonds planned by satellite operator SES as it began to roadshow what stands to be the European market's second such deal of the year.
  • A slew of onshore bond defaults by Chinese state-owned entities has sent a chill through the market over the past couple of months, with more expected to be in store. But with the market calming down in May, it’s time to take stock and realise that such defaults are part of China’s transition to a market-driven economy — and are essential for the long-term health of the country’s debt market.