Euro
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US health products and services company PerkinElmer priced a €300m corporate bond this week, nearly two years after its debut in the currency. The deal saw good demand as the company paid a spread of 60bp over mid-swaps for the three year notes. -
The European bond market this week finally showed its first acknowledgement that the end of European Central Bank (ECB) quantitative easing (QE) is nigh. Opinions are still split as to whether the bond buying will end in September or be extended to December, but new issue pricing has stepped wider regardless, write Nigel Owen and Bill Thornhill.
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Volkswagen Financial Services had been conspicuous by its absence in the euro corporate bond market in the first quarter of 2018. Having been the largest corporate issuer by volume in 2017, the company had used other markets so far this year before selling a new triple tranche deal.
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Volkswagen Financial Services had been conspicuous by its absence in the euro corporate bond market in the first quarter of 2018. Having been the largest corporate issuer by volume in 2017, the company had used other markets so far this year before selling a new triple tranche deal.
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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.
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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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