Euro
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Two issuers with double-B ratings, Darling Ingredients and Avast, achieved substantial financial cost savings with repricings this week, as pricing for top rated paper still looked attractive despite a recent uptick in spreads. -
Chinese technology giant Huawei postponed its debut euro bond late on Wednesday after final terms had been released, following news of a US investigation into whether the company had violated sanctions against Iran. While Huawei had enough support to go ahead with its transaction, it put the deal on the back burner to maintain its standing with investors, said bankers. Morgan Davis reports.
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RBC Capital Markets is losing two members of its US private placements team in New York, one of which is a business veteran.
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Chinese technology equipment company Hauwai dropped a planned dollar tranche on its latest visit to the corporate bond marker and chose to issue its first bond in euros. This did, however, mean the company opted for a five year maturity, rather than the 10 year tenor it had marketed for the dollar bond.
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One piece of information all parties focus on for new corporate bonds is the premium the issuer pays. For much of last year and the early part of this, the premium at any given time was broadly applied across all new issues, but investors have forced syndicates to be more precise in what over what individual issuers pay.
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The Nordic Investment Bank paid 'flat to 1bp' of new issue premium on Tuesday as it brought an environmental bond in in the seven year area — which bankers are calling the 'sweet spot' of the euro curve.
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The European Financial Stability Facility wrapped up its second quarter funding on Tuesday with a larger than planned tap of its May 2047 bonds.
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German car leasing company Sixt Leasing had the benefit of meeting more than 30 investors and seeing another car leasing company print a deal before coming to market on Tuesday. However, based on order book size and pricing, this backdrop didn't help much.
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A flash of public sector SRI bond issuance last week heated up on Monday, as Nederlandse Waterschapsbank found a strong reception for an affordable housing bond and Nordic Investment Bank prepared an environmental offering in a tenor that bankers said was attracting strong demand.
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The European Financial Stability Facility has opted to add liquidity to the long end of its curve during its funding window this week, hiring banks on Monday to reopen one of its longest dated issues.
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On Monday, Dutch car leasing company LeasePlan added a €500m fixed rate bond to its 2018 issuance tally, but found more limited demand than its previous deals.
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