Article / 23 April 2014 at 13:49 GMT

Weekly Bond Update: New record-breaking bond issue!

Fixed Income trader / Saxo Bank
By Michael Boye

In yet another sign of high liquidity in credit markets, a new world record in bond issue size was set on Wednesday.

Multinational telecom holding company Altice was looking to finance its recent acquisition of SFR (acquired from Vivendi), as it looks to merge the company with Numericable, the French cable operator already under its ownership. Numericable will be issuing EUR 8 billion equivalent worth of bonds, while the remaining EUR 4 billion equivalent will be issued by Altice.

The issue size easily outpaces the previous record, which was held by American mobile provider Sprint Nextel and its 6.5 billion USD bond issue last year.

Despite the record size, the bonds were oversubscribed and have performed well in secondary trading so far.

Shortly before Easter, Greece took advantage of the abundance of liquidity in credit markets with yield-chasing investors, when it returned to the markets for the first time in four years. Its 5-year bond issue saw overwhelming demand from investors and was priced at 4.75 percent, in remarkable contrast to 2012 highs of 50 percent.

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