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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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September has seen a variety of issuers access the corporate bond market. From regular issuers to those who have not issued for over a decade, the consistent theme has been single digit new issue premiums for what one syndicate manager described as “manageable deal sizes.” Monday saw new issues in a similar vein. -
Capital Stage, the German renewable energy company, launched its first convertible bond on Wednesday, raising €97.3m. The deal came from a different corner of the CB world from the Qiagen transaction on the same day: it was a hybrid deal, structured to receive equity credit under IFRS.
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European corporate bond investors had only had one corporate bond deal to consider in August before LafargeHolcim brought its €750m 12 year deal on Tuesday. But that lean period looks to be over as ISS Global followed with a €600m 10 year transaction on Wednesday.
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Cheung Kong Infrastructure Holdings sold a fixed-for-life hybrid bond denominated in dollars on Wednesday. The deal did not draw an overwhelming response, but market participants said overall demand for the structure is muted.
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European corporate bond markets remain focused on British American Tobacco’s multi-tranche deal expected later this week. However, nine different investment grade issuers printed new issues in the US on Monday, making it the most varied day of 2017 so far.
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Bankers always expected June to be a busy month for corporate bond issuance after a quiet May and before the summer slowdown. Thursday ensured the pace of issuance was maintained with four issuers selling seven tranches.
