All the latest corporate bond news from all categories

  • Corporate bond week ahead: Draghi ensures suitcases remain unpacked

    European Central Bank president Mario Draghi may have signed off for the summer by dampening debate around tapering of the ECB’s bond purchasing, but investors are still at their desks with money to spend.

    • 21 Jul 2017
  • Oceanwide pays up for $400m bond return

    China’s Oceanwide Holdings Co scored $400m from a new three year offering on Thursday, sealing a bigger deal than expected but paying up in the process.

    • 21 Jul 2017
  • CJE rides on rarity value to establish dollar curve

    China Jinjiang Environment Holding Company (CJE) made its debut in the international bond market, raising $200m from a three year on Thursday. The deal won investors over — but finding close comparables proved a challenge.

    • 21 Jul 2017
  • Parkway Pantai's bonds check out for investors

    Investors flocked to Parkway Pantai’s senior perpetual offering on Thursday, intrigued by a rare bond from a debut healthcare issuer despite the deal's lack of rating.

    • 21 Jul 2017
  • Vodafone EUR500m 1.5% July 2027, EUR150m 1.6% July 2031 Tap

    • 20 Jul 2017
  • DS Smith EUR750m 1.375% July 2024, GBP250m 2.875% July 2029

    • 20 Jul 2017
  • Thermo Fisher Scientific EUR500m 3mE+23 July 2019, EUR700m 1.4% Jan 2029, EUR700m 1.95% July 2029, EUR700m 2.875% July 2037

    • 20 Jul 2017
  • Kroger, Couche-Tard lead dollar trolley dash

    Kroger and Alimentation Couche-Tard led a flurry of issuance by dollar borrowers to exploit red hot demand for high grade paper. With the bulk of corporate America in earnings blackout, the retailers demonstrated the strength of investor sentiment.

    • 20 Jul 2017
  • DS Smith wraps up tidy dual-currency package

    DS Smith was warmly welcomed back to the European corporate bond markets by investors, nearly two years after its inaugural deal. The UK packaging company received a strong orderbook for its euro tranche, but an even stronger book for its debut sterling tranche.

    • 20 Jul 2017
  • Terna keeps the triple-B demand turned on

    Italian electricity network operator Terna brought its first new issue of 2017 on Wednesday and benefitted from strong demand for triple-B rated bonds. The €1bn 10 year deal had an orderbook of €1.6bn and printed with a new issue premium of 8bp-10bp.

    • 20 Jul 2017
  • Thermo Fisher raises over half of Patheon consideration in four tranches

    Thermo Fisher Scientific announced in May that it was to acquire Patheon for $7.2bn, including $2bn of net debt. Thermo Fisher expected to finance the deal with $5.2bn of debt and $2bn of equity. On Tuesday it put a big dent in the debt figure with a €2.6bn four tranche corporate bond offer.

    • 20 Jul 2017
  • Eurofins is able supporting act on science double bill

    Eurofins Scientific and Thermo Fisher Scientific both held investor update calls on Monday — and both announced deals on Tuesday. The science double bill proved no horror story, though, with investors clamouring for unrated Eurofins as well as Thermo Fisher’s jumbo multi-tranche deal.

    • 20 Jul 2017
  • Successful ADO debut drains the pipeline further

    ADO Properties made its debut in the corporate bond market on Thursday, following a roadshow earlier in the week. The €400m seven year deal provided further supply for investors keen to buy higher yielding triple-B rated credits, but the supply line is fading into the summer sun faster than the demand.

    • 20 Jul 2017
  • Steinhoff makes itself comfortable in euros

    Steinhoff Europe made its debut in senior euro corporate bond markets on Monday and was the only issuer to offer investors a transaction on the day. The €750m 7.5 year deal followed a European roadshow last week.

    • 20 Jul 2017
  • Social housing Reit brings IPO despite worries on state support

    In the UK’s lively market for real estate investment trust (Reit) and other fund listings, yet another deal was launched on Thursday. Triple Point Social Housing Reit hopes to raise up to £200m, joining the niche of social housing Reits, which has been growing fast — even though experts are worried government budget cuts could hit the sector’s finances.

    • 20 Jul 2017
  • You don't always want what you want

    Investors complain often and vocally about so many aspects of new issue execution. Often their complaints fall on deaf ears, sometimes they are acknowledged, and occasionally they are acted upon. This week an issuer considered complaints that had rung in their ears for over a year, only to find investors did not want what they said after all.

    • 20 Jul 2017
  • Vodafone answers investors’ call but is left hanging

    For months investors have been complaining about how far pricing moves from initial price thoughts to guidance and again in final pricing in the corporate bond market. On Wednesday, Vodafone responded with a new approach to marketing. The response, however, was not what those involved expected, writes Nigel Owen.

    • 20 Jul 2017
  • Tereos fail warns HY hybrids better wait

    European high yield market participants took caution from Tereos’ decision to postpone a perpetual hybrid bond issue on Tuesday, suggesting that the structure still confuses investors.

    • 20 Jul 2017
  • Demand for corporate bonds asks questions of summer shutdown

    Deep into July, the European corporate bond market is in full voice. €23bn of orders for €7bn of bonds from seven borrowers printing everything from two year FRNS to 20 year bonds was the tale of the tapes this week. But still many market participants harp on about a summer shutdown as inevitable, despite all evidence to the contrary.

    • 20 Jul 2017
  • Fewer fallen angels as high yield universe shrinks to squeeze pricing

    Fallen angels — corporate borrowers that lose their investment grade ratings — have become a key source of supply in global high yield bonds markets over the years. But there are signs that, particularly in Europe, such supply is ebbing away as corporate balance sheets improve. This is driving HY investors elsewhere to seek new credits.

    • 20 Jul 2017

More Corporate Bonds

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 96,004.47 420 7.05%
2 Bank of America Merrill Lynch 83,574.87 384 6.14%
3 Citi 79,150.47 398 5.82%
4 Barclays 64,960.22 277 4.77%
5 Deutsche Bank 61,725.14 258 4.54%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 BNP Paribas 18,886.68 80 9.00%
2 Barclays 16,575.05 61 7.90%
3 Deutsche Bank 15,098.70 57 7.20%
4 HSBC 12,906.84 56 6.15%
5 SG Corporate & Investment Banking 12,165.97 62 5.80%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 JPMorgan 5,095.99 40 8.35%
2 Goldman Sachs 4,273.93 33 7.01%
3 Deutsche Bank 4,159.17 38 6.82%
4 Credit Suisse 3,915.70 42 6.42%
5 Barclays 3,740.83 31 6.13%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 JPMorgan 21,273.54 160 11.24%
2 Citi 17,526.81 129 9.26%
3 Bank of America Merrill Lynch 15,607.84 134 8.24%
4 Goldman Sachs 13,221.26 95 6.98%
5 Barclays 13,207.72 84 6.98%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 18 Jul 2017
1 BNP Paribas 17,949.66 81 6.87%
2 Deutsche Bank 17,622.26 57 6.74%
3 HSBC 16,803.90 77 6.43%
4 Barclays 16,166.69 72 6.19%
5 Citi 15,341.21 64 5.87%