Goldman Sachs
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The strength of corporate bond demand, after falls in stockmarkets engendered by the US's hardened stance on trade talks with China, was tested in the US on Wednesday by a $20bn issue for IBM. In Europe, the test came on Thursday, as five companies finished roadshows and issued. So far the signs are very encouraging - good news for the clutch of companies still on the road. -
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The Asian Infrastructure Investment Bank placed itself among the very top supranational names in the capital markets this week when its highly anticipated debut bond was priced in line with the likes of the World Bank and European Investment Bank. AIIB aims to become a regular issuer of debt, issuing across various currencies and structures to build a diversified funding programme.
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European corporate bond investors showed they were hungry for paper on Thursday, despite the gloom infecting equity markets this week about the prospect of a restart to the China-US trade war. A flurry of issuers came to the market, hot from roadshows, and got plenty of over-subscription while slashing their spreads by 20bp to 30bp.
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Ireland set a new order book record when it issued a curve-extending long 30 year bond on Thursday.
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The Asian Infrastructure Investment Bank (AIIB) positioned itself among the very highest credits on Thursday with its capital markets debut, selling a five year global dollar benchmark bond that bankers said was priced similarly to top rated supranational debt from issuers like the World Bank and the European Investment Bank.
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The strength of corporate bond demand, after falls in stockmarkets engendered by the US's hardened stance on trade talks with China, will be tested in the US on Wednesday by a $20bn issue for IBM. In Europe, the test could come on Thursday, since a handful of issuers finished roadshows on Wednesday.
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The Asian Infrastructure Investment Bank (AIIB) has begun a price discovery process for its eagerly awaited inaugural bond, which is expected to be issued on Thursday.
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Ireland appointed banks on Tuesday for its second syndicated bond of the year, which will extend its euro benchmark curve to 2050 (31 years).
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Watches of Switzerland Group, the largest retailer of luxury watches in the UK, is exploring an IPO on the London Stock Exchange to cut its debt and allow its private equity owner Apollo Global Management to sell down some of its shares in the company.
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The high costs of bidding for the next generation of mobile technology is pushing telecoms firms, many of which operate with leveraged capital structures, to sharpen their balance sheets through asset sales and paying down debt. Mobile moguls like Patrice Drahi, Xavier Niel and John Malone are all taking steps to optimise their empires. Owen Sanderson reports.
