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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. -
Turkcell İletişim Hizmetleri, the largest mobile operator in Turkey, set final terms for its $500m bond on Thursday afternoon in London.
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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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Mannai Corp, a Qatari conglomerate, looks set to bring the first public bond from the country since the Gulf diplomatic crisis erupted last summer.
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Six CEEMEA issuers dived into the bond markets this week, releasing roadshow details straight after the Easter break.
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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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Two Middle East issuers are roadshowing deals, adding to the flurry of post-Easter CEEMEA new issue announcements.
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Ukrainian steel and mining company Metinvest sold its dual tranche five and eight year bond on Wednesday, but the thin oversubscription and pricing at the wide end of final price guidance have suggested a meagre appetite for hairier bits of emerging market debt.
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Turkcell İletişim Hizmetleri, the largest mobile operator in Turkey, has released initial price guidance for its 10 year dollar benchmark.
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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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Ukrainian steel and mining company Metinvest has released initial price guidance for its dual tranche bond, which is bring printed in conjunction with a tender offer for the company’s 2021s.
