Issues
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The US cloud and cyber security company is placing a new $1bn convertible bond -
◆ Lloyds prices first foreign subordinated debt in Singapore dollars since CS’s collapse ◆ Deal offers arbitrage versus G3 markets ◆ NatWest starts marketing senior Kangaroo
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Fund manager says asset class is mispriced by over 100bp
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Asian investors bought more than 40% of the deal following a recent roadshow
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Riskier asset classes like high yield lose out as investors favour safer options
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◆ Only 5bp needed to seal rare sterling senior pref deal ◆ Top quality orders fuel bumper book ◆ Illiquid secondary curve causes pricing conundrum
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Investors in Asia made up a quarter of a previous sukuk, but few took part in July’s deal
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No August lull for the US convertible market this year
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The market needs clarity on the difference between middle market and private credit CLOs, if there even is one
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Busy week across products and currencies reduces chance of saturation
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Investors are shaking off their fear of office and conduit issuers are beginning to take advantage
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Both supply and demand are on the rise to support more long-dated paper
