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Daily Archives: 5th July 2018

5th July 2018

Primary needs to flow

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Before we put our feet up…

Primary is needing to flow again

The US Independence Day splurge of deals in Europe was not to be repeated in Thursday’s session which fizzled out to be much more of what we might have expected when into holiday mode.

Fresenius’ €500m deal on Wednesday is the pick of the bunch for this week’s IG non-financial borrowers – the blue-chip, classy German medical group being one of the few that would get investors clamouring for its bond offerings any day of the week. Issuance, more generally, has been in the doldrums though – all year.

The level of deal flow this year has been confusingly light (we could describe as slumped), given one might have thought that it was last chance saloon to lock in still near historic lows in funding and boost balance sheet cash for that investment and M&A splurge to come.

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