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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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Intercontinental Hotel Group rounded out a lively week for investment grade corporates on Friday, showing that investors still have a good appetite for paper despite the summer lull by successfully tapping the sterling market.
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China's authorities are moving quickly on two sets of new guidelines, on Panda bonds and green bonds, and could be in a position to release them as early as September. A green Panda bond could follow, GlobalRMB has learned from several sources close to Chinese decision-makers.
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US biotechnology company Celgene ensured that August got off to a roaring start for high-grade issuance with an $8bn acquisition financing this week.
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Lufthansa soared after succeeding at its third attempt at a debut hybrid this week, drawing a comfortably subscribed order book and showing few ill effects from the long gestation of the deal.
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Volkswagen Leasing was the sole issuer to tap the euro market on Monday, brushing off any fears about investor engagement in August by gathering an almost four times subscribed book for a €1.5bn print.