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◆ No bitter unrated taste as book grows throughout pricing ◆ Investors keen for household unrated names ◆ Price discovery needed
◆ Stellantis sees stronger demand for shorter leg of €1.25bn dual trancher ◆ RCI Banque prices €750m 5.2 year tightly ◆ Ford finds demand in short end sterling
◆ Big move for AkzoNobel, three months after last trade struggled ◆ Orders peak near nine times the deal size ◆ Deal comes through fair value
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Two Chinese real estate companies sold sub-one year bonds on Thursday, raising $350m between them. -
Supply was light in the US corporate bond market this week, partly because the May non-farm payrolls report is due on Friday. Participants are braced for volatility after the US Federal Reserve announced on Wednesday it would start selling its holdings of corporate bonds, purchased as a stimulus measure at the height of the pandemic. It was left to Vodafone of the UK to reopen new issuance after the Memorial Day holiday.
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Europe’s corporate bond market has seen an influx of ESG deals from highly polluting sectors, testing how much environmentally and socially conscious investors buy into firms' transition stories.
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Europe’s high grade corporate bond bankers are bracing for a hectic week ahead as issuers are expected to front run the European Central Bank indicating it will follow the US Federal Reserve’s lead and reduce its corporate bond purchases.
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French engineering company Vallourec has launched its €300m rights issue, a crucial part of its restructuring, which will help return its balance sheet to a sustainable footing, but leave Apollo and Strategic Value Partners, creditors of the firm, as the largest shareholders.
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Intershop Holding hit the market on Wednesday for a Sfr100m ($110.5m) no-grow five year green bond — its first outing in the format.
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