NatWest Markets
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After Volkswagen tapped the short end of the sterling market for a £300m 4.5 year early last week, Daimler followed suit on Friday May 9. Then on Tuesday this week FCE Bank, the UK-based finance arm of Ford, visited the same market.
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Pearson, the UK educational and financial publishing group, returned to the euro bond market on Monday after a long absence, and priced a bond right in line with the secondary spreads of its closest media peers. It was followed on Wednesday by a €350m three year deal from competitor Reed Elsevier (see globalcapital.com). -
Reed Elsevier, the Anglo-Dutch business and technical publishing company, followed two of its closest peers into the bond market today, with a €350m floating rate issue.
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Danske Bank has kicked off the week with a €500m no-grow tier two sale, bringing in a big book that bodes well for further supply from Bankia and others this week.
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Philip Morris International revelled again on Tuesday in European bond investors’ love of tobacco. As usual, any conscientious objectors were not missed, as even after €5bn of tobacco bond issuance in February and March, investors piled into Philip Morris’s return.
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Media companies are rare birds in the European corporate bond market, so it was a surprise on Wednesday when, with Pearson in the midst of a roadshow, it was leapfrogged by Wolters Kluwer, which brought out a €400m no-grow deal.
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ANZ, Bank of America Merrill Lynch and RBS have been mandated on a $205m refinancing loan for Khopoli Investments, a subsidiary of India’s Tata Power, according to bankers on the trade.
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State Grid Corporation of China launched a triple tranche $3.5bn deal on Monday. While the 10 and 30 year tranches priced inside the curve of China National Offshore Oil Corporation (CNOOC), the deal nonetheless suffered from investor fatigue as the market struggled to digest the $9.5bn already raised by Chinese state owned enterprises this month.
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CLP Power attracted a strong following from institutional investors for a hybrid perpetual non-call 5.5 year bond that was priced on April 29. The trade was intended to strengthen the issuer’s balance sheet following the announcement of big acquisitions at the end of last year.
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RCI Banque, the finance arm of Renault, turned to the sterling bond market this week to finance its UK lending, and benefited from the absence of sterling issuance since April 11.
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Coca-Cola Enterprises launched a small bond issue of €250m today that priced exceptionally tightly. That is not unusual for the issuer, but it was helped by the very slight issuance of euro corporate bonds for the past fortnight.
