UK
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The UK Debt Management Office again broke a couple of syndication records as it extended the Gilt curve on Tuesday, but onlooking bankers felt the real story was how the underlying Gilt curve behaved through the deal. -
Two A rated corporates went head to head in the euro corporate bond market on Monday as UK pharmaceuticals giant GlaxoSmithKline and US electrical systems manufacturer United Technologies Corp both launched triple-tranche deals, with two matching maturities involved in the €4.5bn of bonds.
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German media company Bertelsmann pulled a €500m seven year corporate bond issue on Thursday as the market showed signs of indigestion after what was already one of the busiest weeks of the year for corporate issuance.
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When the euro corporate market attempted to return to full speed after a pause on Wednesday, investors were given a tough choice between three triple-B rated issuers all selling seven year bonds and another selling a sub-benchmark five year tranche. The result was a bad one for issuers.
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UK child goods retailer Mothercare revealed a wide scale restructuring and refinancing plan on Thursday, in which it will take up to £113.5m of funding from debt and new equity.
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As independent advisers take centre stage on the biggest deals, they will attract greater scrutiny, and their big selling point — freedom from conflicts — could be diminished, writes David Rothnie.
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The UK Debt Management Office on Tuesday extended the conventional Gilt curve while breaking two of its syndication records. Bankers off the deal hailed the “great result”, while leads highlighted that the deal was already performing in secondary just a few hours after pricing.
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The volume of euro and sterling high yield bonds on sale in Europe jumped to €1bn on Tuesday, after NBG Pangaea and Premier Foods hit the market with new offerings. Meanwhile, retail high yield funds enjoyed a second week of inflows.
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Bazalgette Tunnel, the company building the Thames Tideway ‘super-sewer’ in London, has all but completed its innovative £2.5bn financing programme, having placed two £50m green bonds last week.
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Infrastructure investor Sequoia Economic Infrastructure Fund (SEQI) has used an equity placing to repay the bulk of a drawn down revolving credit facility, maintaining a capital plan the company flagged at the end of last year.
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Two A-rated corporates went head to head in the euro corporate bond market on Monday as UK pharmaceutical giant GlaxoSmithKline and US electrical systems manufacturer United Technologies Corp both launched triple-tranche deals, with two matching maturities, which totalled €4.5bn.
