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◆ Italian issuer pairs two sustainable formats ◆ Trade hits size targets ◆ Tight price tests investors' limits
◆ US drugs firm pays single digit NIP ◆ Friday deals growing more common ◆ Issuer moves ahead of anticipated quiet week
French company diversifies funding after inaugural dollar deal last year
Issuers rewarded with tight pricing
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Bankers had predicted a splurge of corporate bond issuance for this week, but as of Tuesday primary market activity was quiet. A pair of Spanish issuers made up the sole supply on Monday, with Iberdrola and Telefonica selling benchmark trades. They were followed on Tuesday by a benchmark from Swisscom, and a smaller trade from Finnish real estate company Citycon.
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Finnish property company Citycon tapped a quiet corporate market on Tuesday, issuing a sub-benchmark print to help fund its acquisition of Norwegian mall operator Sektor. -
Swisscom had the benchmark market to itself for a 10 year print on Tuesday and, while some syndicate bankers are bemoaning the slow start to the week, the Swiss telecom operator was able to draw a hefty order book while tightening sharply from initial guidance.
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Iberdrola sold its second benchmark deal of the year on Monday, gathering together a heavily oversubscribed order book despite coming head to head with fellow Spanish issuer Telefonica.
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Telecoms company Telefonica was one of two Spanish corporates to tap the euro market on Monday. Gathering a solid order book despite a minimal new issue premium, Telefonica appeared unaffected by any concerns regarding upcoming elections in Spain.
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Shenzhen Expressway Company is set to make its debut in the international bond market after scheduling investor meetings to start on Monday, September 7.
