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French utilities firm to jump into Aussie dollars with hybrid and senior bonds
◆ UK utility prints €1.3bn dual trancher ◆ Issuer skips guidance as it masses orders north of €10bn ◆ Longer call leg draws stronger demand
◆ Fourth Reverse Yankee hybrid in euros this year ◆ US utility tightens hard on strong demand ◆ American Tower clears €750m trade with little concession
Energy companies took advantage of record tight spreads as they joined a ‘perfect storm’ of dollar funding
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High grade corporate bond investors had their pick of crossover deals this week, with Inwit, Veolia and Cellnex offering trades on the periphery of junk ratings, with demand solid as risk appetite remains strong.
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Veolia, the French water and waste company, and Spanish telecoms infrastructure firm Cellnex were out with crossover rated debt on Wednesday, giving investment grade corporate investors a double chance to pick up spreads at the higher end of their remit. -
Crossover credit Inwit showed that the return of risk demand is still going strong this week, with the Italian wireless infrastructure company drumming up €3.7bn of demand for its trade.
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Europe’s investment grade corporate bond market saw trades from the Covid-19 rocked real estate sector on Thursday, with Immofinanz and Heimstaden Bostad attracting less demand than recent similarly rated trades.
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Europe’s high grade corporate issuers secured another day of bulging order books on Wednesday, as concerns about scant primary supply to come washed away investor jitters about a collapsed $2.2tr fiscal stimulus deal in the US.
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Eni, the Italian oil and gas company, got blowout demand for its debut hybrid capital issue on Tuesday, as yield-hungry investors pumped about €14bn of orders into the dual tranche trade.
