UniCredit
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Kommunalkredit Austria sold its first public senior bond since its privatisation on Thursday, landing its €300m deal 3bp through where lead managers had seen the balance of investor feedback. -
Europe’s high grade corporate bond investors showed for the second day in a row on Wednesday how hungry they are for spread. Low triple-B rated credits Aker BP and Holding d’Infrastructures de Transport both increased their bond issues after bumper demand.
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Barclays paid a visit to the euro market to sell its first public senior deal in over a year on Wednesday morning, offering investors a rare chance to pick up exposure to its debt in floating and fixed rate formats.
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Eni, the Italian oil and gas company, got its chunky €2bn hybrid capital issue comfortably oversubscribed on Tuesday, after a similar success for Orange last week. Corporate bond investors are piling money into anything that offers higher returns.
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Vestas, the Danish wind turbine maker, has signed a €2bn-equivalent facility linked to key performance indicators around sustainability. It was the first time the borrower has structured bank debt in this way.
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Issuers piled into Europe’s high grade corporate market on Wednesday but the deal flow had slowed to a dribble by Thursday with many issuers still on earnings blackouts. Investors showed less enthusiasm for the deals that came at the tightest spreads.
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LBBW landed its latest senior non-preferred bond, a €500m eight year deal, through its conventional curve on Tuesday, as the borrower enjoyed the spoils of a large and granular order book.
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The Singapore-incorporated global energy company Puma Energy has bounced back after a planned bond issuance last year failed to materialise, raising $590m in the loan market. Sources say the company’s change of management and reorganisation brought a “sense of relief”.
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Pandora, the Danish jewellery maker, has signed a €950m sustainability-linked loan and in the process become the latest company to repay, early, coronavirus pandemic crisis funding taken out last year.
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Issuers piled into Europe’s high grade corporate market on Wednesday but investor responses were mixed when it came to the deals at the tightest spreads.
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LBBW enjoyed the euro limelight on Tuesday morning as it sold the week’s first senior deal from a European borrower, pricing a €500m eight year deal that peaked at more than three times covered.
