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Thames's troubles are contained for now, but risk of contagion remains
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
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BMW, FCE Bank and Daimler added to the recent surge of activity from autos this week, with all three taking to the euro market to sell floating rate paper.
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Two Spanish issuers made up the sole corporate supply on Monday, with Iberdrola and Telefónica both tapping the market. Both companies received a warm welcome from investors, who are seemingly unperturbed by upcoming elections in the country writes Nathan Collins.
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Swisscom had the benchmark market to itself for a 10 year print on Tuesday, drawing a hefty order book for a small deal and managing to steal a march on the swathe of issuers that sold benchmarks later in the week.
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FCE Bank became the third auto issuer to tap the euro market for floating rate paper this week, selling a four year note. While the issuer gathered an oversubscribed order book, a longer maturity and weaker ratings compared to peers demanded a larger new issue premium for the print.
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Shell sold the largest euro deal from a corporate issuer in seven months on Thursday, shrugging off any concerns on the oil sector to sell €3.45bn of bonds across three tranches.
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Apple on Thursday made its second trip to the euro market, pushing past the 10 year point on the curve to sell the first 12 year note from an investment grade corporate since May.