NatWest Markets
-
Several companies delayed plans to issue corporate bonds in Europe today, as markets looked ugly at the open. There has been a flurry of MTN and niche currency issuance this week, but the only mainstream corporate bond issue today was from Prologis, the US warehouse Reit.
-
Carlsberg Breweries returned to the euro bond market after an 18 month gap today with a successful €1bn 10 year bond, though it had to contend with a market that has lost a little of its rude bullishness in the past week.
-
Macquarie Leasing has released the capital structure of its latest SMART auto ABS transaction after finishing the Australian leg of its roadshow, as it looks to sell the shelf’s first euro-denominated paper since 2008. -
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.
-
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
