Euro
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Swiss telecoms provider Swisscomm found strong demand for its new corporate bond deal. However, investors were very clear on where they saw the value in the deal and the issuer had to pay significant spreads to ensure the deal’s success. -
Several factors contributed to the standstill in issuance from investment grade issuers in the corporate bond market before Easter, but one that investors focussed on was the performance of new issues after they had priced.
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As negotiations over the future of Italy’s government begin in earnest, investors appear to be betting that political risk for the country has been overestimated.
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A year after selling a $3.1bn-equivalent four-currency, six-tranche Belt and Road blockbuster, Bank of China is making a comeback with another Reg S only bond to support the initiative.
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French consulting company Capgemini wasted no time after the Easter break in announcing a new dual-tranche corporate bond issue on Tuesday. The benchmark tranches had 6.5 year and 10 year tenors and were announced alongside a tender offer, but the issuer had to pay a significant premium to its secondary curve.
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Three CEEMEA issuers are embarking on roadshows — the Arab Republic of Egypt, Sharjah Islamic Bank and Kazmunaygaz.
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US beauty retailer Coty announced pricing at the wide end of guidance for its $2.45bn-equivalent of new leveraged loans on Thursday, while reaching the end of the roadshow for $2bn-equivalent of new high yield bonds.
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Volatility from several sources has driven investors into core govvie products, causing curves to rally. Only one issuer was positioned to reap the benefits.
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France’s inflation linked bond issue on Wednesday drew the nation's largest book ever for a linker bond, in spite of a curve squeezed tight by volatility.
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France announced on Tuesday that it will come to market for an 18 year inflation linked benchmark, making the most of a pre-Easter lull in issuance.
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The supply overhang from last week still appears to be casting a shadow on both primary and secondary IG corporate bond markets. The handful of deals that launched on Monday were priced, but not with widespread success. Easter can’t come soon enough for most market participants.
