• Beijing Gas, CCB HK woo buy-side for new deals

    Beijing Gas Group Company and China Construction Bank (Hong Kong) have opened books for a fixed five year bullet and a three year floater, respectively.

    • 07:45 AM
  • Interest rates hike could rekindle HY issuance surge, say bankers

    The euro high yield market will be dining on small portions this week, far from the recovery in bond issuance volumes of the past four months but indicative of times ahead, bankers and analysts agreed — that is, unless the European Central Bank increases short term interest rates.

    • 22 May 2017
  • JP Morgan rolls out HY fund for UK pension scheme

    Nest, the UK national employment savings trust, has become the latest in "a flurry" of buyers to move into high yield bonds.

    • 22 May 2017
  • JP Morgan appoints levfin MD following departures

    JP Morgan has appointed a new managing director in its EMEA leveraged finance capital markets team, following the departure of two senior members in the last month.

    • 22 May 2017
  • Hong Yang announces debut, Dr Peng sounds out investors

    Property developer Hong Yang Group Company is marketing its inaugural international bond, while Chinese private telecommunications operator Dr Peng Telecom & Media Group Co is set to hold a conference call with investors on Tuesday for a dollar deal.

    • 22 May 2017
  • Burford collars £175m retail bond in shrunken market

    Burford Capital, the company that finances litigation, raised £175m with a bond issue on the London Stock Exchange’s Orderbook for Retail Bonds on Friday – one of the biggest deals since 2012.

    • 19 May 2017
  • Premier Foods pays 2017's third biggest margin for new floater

    After three years away, UK producer of grocery and sweets Premier Foods returned to the bond market with a £210m fiver year non-call one floater to join 2017’s sterling issuance comeback.

    • 19 May 2017
  • Transportation Partners, ChemChina on the road

    Transportation Partners and China National Chemical Corp will meet fixed income accounts for their respective dollar bonds, while names like Poly Culture Group Corp, Macrolink Culturaltainment Development Co, Oceanwide Holdings Co and Jiangxi Ganfeng Lithium Co are planning to go offshore.

    • 19 May 2017
  • Iron Mountain tests HY’s appetite for US IT

    US cloud and physical data manager Iron Mountain’s €300m deal proved European investors can give US IT company debt a chance despite some troubled recent deals.

    • 18 May 2017
  • Leveraged issuers risk missing the chance to use best ever rates

    Conditions in Europe's leveraged finance market are arguably better than ever for issuers, with some measures of yields hitting historic lows. Many believe they cannot last. But try as they might, bankers cannot find enough issuers to bring deals, writes Max Bower.

    • 18 May 2017
  • Norwegian to market new euro bond tap

    Nordic low cost airline Norwegian Air Shuttle will meet investors about a tap of its only euro bond on Monday. This time, it also plans a new €370m deal in Norwegian kroner.

    • 18 May 2017
  • HY newcomer K+S squeezes tap in stuffed IG mart

    German mining firm K+S issued in the bond market for the second time in the past six weeks on Wednesday, in investment grade style despite its October downgrade into high yield ratings.

    • 17 May 2017
  • Apple joins riot of issuers in corporate bond market

    The European corporate bond market is again packed to bursting on Wednesday, with six new issues, among which Apple is likely to be one of the most sought after names. This week is building up to a huge total, as LVMH has already raised €4.5bn and Anheuser-Busch InBev £2.25bn.

    • 17 May 2017
  • Logan Property goes low with tightly priced bond

    Logan Property raised a $450m bond on Tuesday, achieving its lowest yield in the international debt market. The lack of high yield paper from Chinese real estate developers and the company’s strong profitability helped drum up demand.

    • 17 May 2017
  • Investors back Euronav’s escape from tanker dive

    Euronav, the unrated Belgian oil tanker group, made its debut in the bond market on Tuesday after a second consecutive year of profits in a declining industry.

    • 16 May 2017
  • Burford to boost retail bond market with 5% deal

    Litigation finance house Burford Capital is set to become this year’s second issuer on the London Stock Exchange’s Order book for Retail Bonds (Orb).

    • 16 May 2017
  • Melco, Hong Yang, Soechi to roadshow for $ bonds

    Melco Resorts Finance is set to go on a global roadshow for an eight year bond to redeem its outstanding 2021s, as China’s Hong Yang Group Company and Indonesia’s Soechi Lines also prepare investors for new deals.

    • 16 May 2017
  • Triple whammy: Three dollar deals hit Asian market

    Korea Water Resources Corp as well as developers Sun Hung Kai Properties and Logan Property Holdings launched new dollar deals on Tuesday morning.

    • 16 May 2017
  • Atlantica Yield leaves Abengoa past with rating upgrade

    Abengoa’s yieldco spinoff, Atlantica Yield, took a step further from its troubled Spanish major shareholder on Monday, having received its first double-B rating from Standard & Poor’s.

    • 15 May 2017
  • CNH brings first euro deal since Macron win

    The European subsidiary of CNH, the US agricultural machinery company formerly called Case New Holland, launched a benchmark euro high yield bond on Monday, as yields in the market hit new all-time lows.

    • 15 May 2017
  • NHAI whips up Rp30bn from debut Masala

    National Highways Authority of India grabbed a Rp30bn ($465.88m) five year Masala bond on Thursday, despite the offshore rupee market not getting the enthusiasm that issuers want.

    • 12 May 2017
  • Rickmers risks sinking while shipping mends

    A recent improvement in the prices that shipping companies command may have come too late for bondholders of Rickmers, the 183 year-old Hamburg shipping company. They are set to endure losses as the borrower attempts to make it to 184.

    • 11 May 2017
  • Pemberton hires another RBS levfin veteran for private debt

    Pemberton has hired a veteran leveraged finance banker as a new partner in its origination team, as it further builds out its private debt platform in Europe.

    • 11 May 2017
  • CK Property, Huachen Energy plunge into debt market

    Hong Kong developer Cheung Kong Property Holdings (CKP) and Chinese company Huachen Energy Co both opened books for new dollar deals on Thursday.

    • 11 May 2017
  • Canada's PSP to expand European private debt and PE business

    PSP Investments, the Canadian pension investment manager, has expanded its operations with the launch of a European hub, and wants to invest increasingly in private debt and real estate.

    • 10 May 2017
  • Reverse Yankee HY pipeline thins with cosier US mart

    Eurobond offerings from US high yield borrowers may be harder to find in the second quarter of the year as pricing terms improve for US borrowers.

    • 10 May 2017
  • Corporate bond feeding frenzy gets going

    Europe’s corporate bond market lit up with new issues this week, signalling the beginning of what is expected to be a hectic period until June. General Electric, BMW and Repsol with the first green bond from a major oil company are among the host of deals and mandates filling screens.

    • 10 May 2017
  • BSD, ICBC Sydney rustle up new notes

    Bumi Serpong Damai and ICBC Sydney jumped into the debt market on Tuesday, capitalising on the positive market sentiment following the French presidential election.

    • 10 May 2017
  • Lindorff-Intrum merger to produce €5bn high yield deal

    The largest European high yield bond issue for a year is being prepared as Intrum Justitia and Lindorff, two Nordic debt collectors, ready to complete a merger.

    • 09 May 2017
  • No sign of Macron backlash against sterling as Saga debuts tightly

    Saga, the UK insurance company, priced its £250m bond almost almost 40bp inside initial price thoughts on Tuesday, in the European high yield market's first new issue since the French election, despite fears that a Macron win could be read as negative for the Brexiting UK.

    • 09 May 2017
  • JP Morgan levfin director leaves for credit fund

    Another director in JP Morgan’s leveraged finance team for EMEA has left the bank, a source confirmed on Tuesday, joining a credit fund in London.

    • 09 May 2017
  • Indonesia's BSD to add on to $200m bond

    Indonesian property developer Bumi Serpong Damai (BSD) is tapping its outstanding 2023s on Tuesday, launching the deal at the market open.

    • 09 May 2017
  • French banks refresh levfin trading desks

    BNP Paribas and Crédit Agricole have hired new head traders for their high yield bond business, according to sources on Monday.

    • 08 May 2017
  • Unifin, Capex could light up Lat Am HY this week

    Two high yield companies from Latin America will wrap up investor meetings on Tuesday ahead of planned dollar-denominated bond issues.

    • 08 May 2017
  • ‘Macron euphoria’ round the euro HY corner

    The pipeline for new deals in the euro high yield bond market appeared all but empty this week, but bankers said Sunday’s French presidential election win for Emmanuel Macron would stoke a surge of offerings.

    • 08 May 2017
  • Indonesia’s PLN lights up market with dual trancher

    Investors have a chance to buy bonds from Indonesian government-owned electricity distributor Perusahaan Listrik Negara (PLN), which is back in the international market for the first time in over four years. Meanwhile, Singaporean property developer Oxley Holdings is tapping its $200m notes.

    • 08 May 2017
  • Norican assembles €340m B2 bond for acquisition

    Norican, the Danish metal parts enhancement firm, priced a €340m six year senior secured bond to finance an acquisition on Friday.

    • 05 May 2017
  • China’s Huachen Energy mandates banks for debut

    Huachen Energy Co is prepping investors for its inaugural appearance in the international bond market, meeting fixed income accounts next week.

    • 05 May 2017
  • Saga readies debut sterling high yield bond

    UK specialist insurance and travel provider Saga is set to price its first bond next week, a benchmark deal that is part of a refinancing of its financial structure.

    • 04 May 2017
  • Swissport in technical breach as owner pledges shares elsewhere

    Swissport has announced a technical default on several of its senior debt facilities, after “becoming aware” that its owner, HNA, the Chinese private equity group, had pledged shares in it as collateral for another loan.

    • 04 May 2017
  • Sri Lanka serves up new dollar notes

    The Democratic Socialist Republic of Sri Lanka opened books for a new dollar offering on Thursday, braving a quiet week in Asia's debt capital markets.

    • 04 May 2017
  • Amigo taps debut bond in optimistic sterling HY

    Amigo Loans, the UK consumer lender, launched a £50m tap of its debut high yield bond on Wednesday, and bankers said there is more to come from the sterling market after what has already been a busy start to the year.

    • 03 May 2017
  • Corporate borrowers get ready for post-Macron deal rush

    Corporate bond investors have only snacks to feed on in the new issue market this week, but if Emmanuel Macron wins France’s presidential election on Sunday, next week is set to bring more solid fare.

    • 03 May 2017
  • Frigoglass seeks bondholder consent to restructure debt

    Frigoglass, the Greek maker of chiller cabinets, has launched a consent solicitation to holders of its €250m senior bond as it tries to restructure its debt through a UK scheme of arrangement.

    • 02 May 2017
  • Natixis appoints loans head to new high yield trading role

    Natixis has given its head of loan syndicate a new role, making him global head of high yield corporate distribution and trading.

    • 02 May 2017
  • FMSB firms up new issue rules

    The FICC Markets Standards Board (FMSB) published the final version of its guidelines on best efforts primary market syndications for fixed income in Europe on Tuesday, as it now looks to move on to tackling secondary market impacts of the new issue process.

    • 02 May 2017

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Mar 2017
1 Goldman Sachs 5,003.18 13 8.74%
2 Deutsche Bank 4,881.33 25 8.53%
3 JPMorgan 4,826.81 11 8.44%
4 Bank of America Merrill Lynch 4,337.47 13 7.58%
5 BNP Paribas 3,160.34 16 5.52%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 3,271.23 30 8.16%
2 JPMorgan 3,230.36 27 8.06%
3 Citi 2,868.23 17 7.16%
4 Barclays 2,733.11 21 6.82%
5 Goldman Sachs 2,620.59 22 6.54%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 09 May 2017
1 JPMorgan 15,642.64 116 12.03%
2 Bank of America Merrill Lynch 11,985.87 100 9.21%
3 Citi 11,558.90 86 8.89%
4 Goldman Sachs 10,013.87 71 7.70%
5 Barclays 7,309.82 50 5.62%