Kingfisher, the UK retail company, launched price guidance for its forthcoming seven-year bond issue on Monday.

The company plans to sell at least €500m of bonds at a yield spread about 80 basis points above the mid-swap rate. BNP Paribas, RBS and SG CIB are lead-managers.

Kellogg, the US food producer, meets investors in Paris on Tuesday to promote its upcoming floating rate note. It aims to raise at least €500m from selling the 18-month note. Barclays Capital and HSBC lead-manage.

Henkel, the German consumer goods maker, is expected to complete the marketing roadshow for its hybrid bonds transaction this week.

The group plans to sell €1bn of hybrid notes, which will be deeply subordinated and carry coupon deferrals that will give the debt a high equity-treatment by the rating agency.

The proceeds from the sale will be used to fund Henkel’s pension obligations. BNP Paribas, Deutsche Bank and UBS are lead-managing the sale.

Existing hybrid bonds found some demand in the secondary market on Monday. The yield spread on Südzucker’s bond tightened 3bp and Bayer, Dong and Vattenfall all tightened 1bp.

Long-dated telecoms bonds, which have suffered recently amid a perceived shift in their financial strategies, also got a fillip. The 2033 issues by France Telecom and Deutsche Telekom, Telecom Italia and Telefónica were all 1-2bp tighter.

The rest of the market was little changed. The Itraxx Europe index of investment grade credit default swaps closed at 36.5 and the Xover index, which includes high-yield names, ended at 292bp.

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