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French company diversifies funding after inaugural dollar deal last year
Issuers rewarded with tight pricing
Issuance beyond 15 years could return if rates stabilise
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UniCredit swept away the Landesbanks in the Schuldschein market last quarter to claim pole position so far this year, with an arranging market share of nearly 20%. -
ESG ratings are starting to appear in term sheets for high grade corporate bond issuers, regardless of whether or not the deal is a themed issuance. This is a sensible move and ought to have a positive impact on the curve for the issuer.
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Eurogrid, the German power network company, made light work of a bond market outing on Tuesday, obtaining more than five times oversubscription for a €500m issue in a market subdued by the looming earnings season.
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Duty-free operator Dufry has joined the throng of issuers in the high yield primary markets with its first straight offering since the coronavirus pandemic hit. The new bond comes after extensive efforts to shore up the company’s capital, including the early conversion of a crisis era convert and talks with lenders for more covenant waivers.
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An unforeseen sell-off in government bonds on April 9 left many market participants scratching their heads as to why it happened, but the primary market has showed no apprehension in the week leading up to it or since. In fact, April's first week saw the highest average subscription ratios since January 2019. And this week, Primary Market Monitor brings you data from the FIG bond market for the first time.
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Lufthansa has issued a quirky Schuldschein this week, according to market sources, in that it was bought by the eight banks that arranged it, rather than being sold to investors.
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