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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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A number of Chinese high yield borrowers that hit the dollar bond market this week have seen mixed responses to their notes in secondary trading, which bankers say is a sign of changing market sentiment and investor response. -
Amazon grabbed headlines by pouncing opportunistically into the market and pricing an $18.5bn bond this week that included a record tight spread over Treasuries on a sustainability-labelled two year note, but the bigger story was inflation fears skewing the curve steeper.
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Turkish companies and banks are succeeding in raising funds in international debt markets, even as the country strays near the edge of an economic precipice and experienced investors view Turkish risk with disdain.
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In the film 'Annie Hall', Woody Allen recounts two diners’ experience at a restaurant. “One of them says: ‘Boy, the food at this place is really terrible.’ The other one says: ‘Yeah, I know; and such small portions.’”
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E-commerce giant Amazon did the unthinkable this week and printed two year debt just 10bp wide of where investors could buy US Treasuries, the closest a company has ever got to US government debt. But with a high US inflation number sending a shockwave through markets days later, corporate and FIG credit markets are wondering whether they need to brace for a period of panic, write Tyler Davies and Mike Turner.
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Europe’s corporate bond market continued to pump out deals this week, despite the equities market licking its wounds after inflation fears turned stock prices into a sea of red.
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