Santander
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Chilean state copper company Codelco became the latest in a run of EM issuers to debut in euros on Wednesday, taking advantage of strong demand for yield and a beneficial basis swap to price inside where it could have priced a dollar bond, according to a banker on the deal. -
Chilean copper company Codelco has set the final spread for the a 10 year euro issue at 93bp over mid-swaps, inside the 95bp-100bp range indicated earlier on Wednesday. The deal’s size is indicated at around €500m, but has not been set, said a syndicate official.
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Odebrecht’s oil and gas arm reopened recently issued perpetual notes on Tuesday, taking advantage of a strong market to raise another $150m in an opportunistic trade.
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Wm Morrison Supermarkets, the UK’s fourth largest food retailer, issued a £300m 15 year bond last Friday (June 27), which reaffirmed the bond market’s continued support of the company despite its widely known operating difficulties.
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Mexican state oil company Pemex pounced on very strong market conditions to reopen its peso-denominated global depositary notes on Thursday, attracting MP57bn ($4.4bn) of demand for a MP11bn tap to continue the run of major new issues in Latin America.
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Brazilian construction group OAS provided the latest allocation headache for LatAm syndicate bankers after investors placed $3.6bn of orders for a trade of just $400m on Wednesday.
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Construction group OAS and poultry company Globoaves are set to bring more Brazilian high yield supply after announcing initial price thoughts for dollar-denominated deals on Tuesday.
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Accor introduced hybrid capital to a new sector of European industry on Monday, becoming the first hotels company to issue a subordinated bond that is treated partly as equity by the rating agencies.
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Wm Morrison Supermarkets, the UK’s fourth largest supermarket chain, is preparing to issue a bond, after a period of bad publicity, when its results and strategy have been attacked by shareholders and in the press.
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Abertis Infraestructuras, the motorways, airports and broadcasting infrastructure group, on Tuesday became the second Spanish company to take advantage of the recent rally in peripheral spreads by issuing a corporate bond.
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Sodexo, the French catering, support and care services group, made a rare visit to the bond market on Tuesday and raised €1.1bn at spreads in line with comparable issuers.
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