UK
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Rating: Baa1/BBB+/BBB+
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Rating: Baa1/BBB+/BBB+
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HSBC printed its first deal following the terms of its sustainable development bond framework this week, raising $1bn of new senior debt in the dollar market.
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The last time British Telecommunications (BT) sold sterling bonds, the global financial crisis was still to strike. It returned on Tuesday after more than 10 years away, issuing in euros and dollars, but investors were not as welcoming as the issuer may have expected. -
UK-based drinks manufacturer Diageo returned to corporate bond markets on Tuesday after three years without issuing in any bond market. The owner of brands such as Guinness, Johnnie Walker whisky and Tanqueray gin opted for a three year and long six year dual tranche offering on its return.
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Single digit new issue premiums had survived the secondary market weakness in corporate bonds of the previous few days, but on Wednesday Vodafone had to pay up as it sold a three tranche deal significantly wide of where its existing bonds were trading.
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UK debt collector Cabot Credit Management has abandoned its IPO on the London Stock Exchange, blaming unsupportive market conditions.
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On Wednesday morning, it was doom and gloom as secondary spreads had widened and only Vodafone dipped its toe into new issuance waters. But after a stable afternoon and a positive session in the US, Thursday morning brought calm.
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UK pest control company Rentokil launched its €400m seven year offering on Thursday morning, alongside two three year offerings from the utility and car leasing sectors.
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Principality Building Society was marketing its first senior unsecured deal in more than a decade in the sterling market on Thursday, as Sainsbury’s Bank opened books on its first ever subordinated bond transaction.
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Barclays is courting Singapore investors on Thursday for a benchmark subordinated Singapore dollar bond.
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Investors are keeping pace with heavy issuance in the European leveraged loan market, with ticket sizes increasing in response to a rush of jumbo sized loans this week, including a $2.4bn equivalent deal from Paysafe.
