Leveraged/non-investment grade

  • BHG preps second healthcare loan ABS

    BHG preps second healthcare loan ABS

    Bankers Healthcare Group (BHG) is returning with its second securitization backed by loans made to high-earning medical professionals. The healthcare consumer lender is expected to see its newest deal well subscribed, considering its popularity last year and its relatively high yield ranging from 2% to 5%.

  • IG corporate market lights up as earnings start

    IG corporate market lights up as earnings start

    A handful of investment grade corporate borrowers are out with mandates on Monday, with market conditions improving for them after last week’s bonds have traded tighter despite pricing with small premiums.

  • NDB takes pole position in dollar mart

    NDB takes pole position in dollar mart

    New Development Bank will become the first issuer to hit the dollar market this week, announcing a five year benchmark, the proceeds of which will fund sustainable development activities and emergency support loans to its member countries.

  • Banca Progetto adds to Italian CQS securitization flow

    Banca Progetto adds to Italian CQS securitization flow

    Banca Progetto, an online bank backed by Oaktree Capital, is bringing an Italian consumer transaction securitizing payroll-deductible loans, with the majority originated slightly before or during the pandemic. The issuer has mandated BNP Paribas on the transaction.

  • Nykredit returns to tier two after six years away

    Nykredit returns to tier two after six years away

    Nykredit Realkredit ended a six year absence from the tier two format in euros this week. With conditions for subordinated bond sales looking good despite looming blackouts, bankers feel now is the time for issuers to "go go go."

  • PBB and BSH expected to issue new covered bonds

    PBB and BSH expected to issue new covered bonds

    Deutsche Pfandbriefbank (PBB) has mandated leads for the second Sonia linked covered bond of the year and Bausparkasse Schwabisch Hall (BSH) is expected with a euro 12-year deal.

  • No let-up in blistering primary levfin pace

    No let-up in blistering primary levfin pace

    Last week’s heavy levfin supply hasn’t produced a pause for digestion, with five new high yield bonds on Monday joining two announced on Friday for execution this week, despite some recent supply trading down in secondary.

  • Coventry Building Society readies non-pref debut

    Coventry Building Society readies non-pref debut

    Coventry Building Society is set to sell its inaugural non-preferred senior bond, which it will use to optimise its balance sheet ahead of a deadline for its end-state minimum requirements for own funds and eligible liabilities (MREL).

  • NWB makes a splash with water bond as EU lines up EFSM deal

    NWB makes a splash with water bond as EU lines up EFSM deal

    Nederlandse Waterschapsbank was twice covered and paid zero new issue premium as it sold an intraday 30 year water bond on Monday. The European Union will follow into the euro public sector bond market on Tuesday to fund a maturity lengthening operation under its European Financial Stabilisation Mechanism programme.

  • JP Morgan provides €3.5bn for controversial football Super League

    JP Morgan provides €3.5bn for controversial football Super League

    JP Morgan has emerged as the lender to a new Super League in European football. The US bank is committing to provide at least €3.5bn in debt for infrastructure projects, in the biggest shake-up of the world’s most popular sport in a generation. While highly controversial and not short of criticism, the new league will make its founding clubs more attractive investments.

  • Hemnet opens books on 'premium' IPO

    Hemnet opens books on 'premium' IPO

    Swedish house selling platform Hemnet opened on Monday the books for its IPO on the Nasdaq Stockholm. Sources close to the deal said that the transaction was proving popular and expected it to price at a premium to listed competitors like the UK's Rightmove.

  • Kuwait: IMF reform pressure as Equate mandates for dollars

    Kuwait: IMF reform pressure as Equate mandates for dollars

    Equate Petrochemical, the petrochemical producer part-owned by Kuwait, has laid plans to re-enter the international debt markets after less than a year since its last outing. The mandate comes just days after the IMF warned Kuwait to undergo fiscal consolidation after its economy shrunk last year.

  • Turkey’s Pegasus to test waters with Eurobond

    Turkey’s Pegasus to test waters with Eurobond

    Pegasus Airlines was seeking on Monday to issue a Eurobond in dollars. The deal will demonstrate market appetite for Turkish credit after the country navigated another economically tumultuous month, which saw investor confidence drop.

  • ECB: TRIM will shave 70bp from bank capital ratios

    ECB: TRIM will shave 70bp from bank capital ratios

    The European Central Bank published the findings from its targeted review of internal models (TRIM) on Monday. The exercise, which could to some extent frontload the impact of Basel IV, is expected to result in a 12% increase in risk-weighted assets (RWAs) and a 71bp decline in common equity tier one (CET1) ratios.

  • China tightens Star market listing rules

    China tightens Star market listing rules

    The Chinese securities regulator and the Shanghai bourse have boosted requirements on Star market IPO candidates’ technology credentials, banning the listing of financial and investment companies and tightening scrutiny on financial technology firms.

  • PTPN signs loan extension

    PTPN signs loan extension

    Indonesia palm oil company Perkebunan Nusantara III (PTPN) has signed an extension agreement for a $390.6m loan after almost a year-long discussion with banks.

  • Citi to boost wealth management business in Apac

    Citi to boost wealth management business in Apac

    Citi is planning to hire around 2,300 people to support the expansion of its wealth management business in Asia Pacific, as the bank undertakes a restructuring that boosts focus on its four wealth centres.

  • Shevchenko’s goals

    Shevchenko’s goals

    In the week that Russia suffered fresh US sanctions as it mounted troops on its border with Ukraine, GlobalCapital spoke with the latter’s central bank chief, Kyrylo Shevchenko about how the giant next door is just one of the country’s problems.

  • ThaiBev shelves jumbo Singapore spin-off

    ThaiBev shelves jumbo Singapore spin-off

    Thai Beverage has postponed the multi-billion-dollar spin-off and listing of its brewery unit in Singapore, citing choppy markets and a surge in Covid-19 cases in Thailand.

  • Malaysia readies sustainable sukuk

    Malaysia readies sustainable sukuk

    The government of Malaysia is preparing to return to the dollar market for the first time in five years. It is marketing what will be the world's first sustainability sukuk from a sovereign borrower.

  • Trip shares take off in Hong Kong debut

    Trip shares take off in Hong Kong debut

    Trip.com Group's shares rose on its debut on the Hong Kong Stock Exchange on Monday, following a popular billion-dollar secondary listing by the Chinese travel company.

  • Colombian toll road preps social peso linker with DFC guarantee

    Colombian toll road preps social peso linker with DFC guarantee

    Puerta de Hierro, a toll road project in Colombia’s Caribbean region, will begin investor calls on Monday as it looks to sell an inflation-linked Colombian peso-denominated social bond that has a double-A credit rating thanks to a guarantee from the US International Development Finance Corporation (DFC).

  • Argentine energy company lines up bond return

    Argentine energy company lines up bond return

    Oil and gas producer Pan American Energy is looking to become the first Argentine company to issue international bonds this year, though it is the company’s operations in Bolivia and Mexico that may enable it to dodge the distress in its home country.

  • Social contract: The future of ESG finance in Japan

    Japanese issuers have embraced green, social and sustainability bonds, offering domestic and international investors a range of deals designed to tackle climate change, gender equality and other problems. But the local investor base is still small — and some issuers have lingering questions about funding costs. GlobalCapital talked to a group of leading market participants about the potential for Japan’s ESG bond market.

  • Japan’s sustainable  bond market blossoms

    Japan’s sustainable bond market blossoms

    Japan’s sustainable bond market, already one of the world’s largest, has grown over the past year — given a boost from social funding needs brought about by Covid-19. Morgan Davis reports.

  • Japan’s top credits endure Covid volatility

    Japanese issuers have just been through one of the most volatile, unpredictable years in decades. Although the impact of Covid-19 on capital markets was not as violent as the aftermath of the global financial crisis, huge questions about economic growth, trade and asset allocation meant it was arguably a more troubling period for issuers and investors alike. GlobalCapital talked to some of the country’s best-regarded issuers about how they navigated the market.

  • Japanese bond issuance  booms in wake of pandemic

    Japanese bond issuance booms in wake of pandemic

    The Japanese bond market had a blow-out year in 2020, despite the ongoing pandemic and related volatility. With 2021 already characterised by eager borrowers and large acquisition financing activity, DCM bankers are preparing for another record setting year. Morgan Davis reports.

  • Turning tough on Russia, government debt and M&A

    Turning tough on Russia, government debt and M&A

    This week in keeping tabs US president Joe Biden gets tough on Russia, a sceptic gives his views on M&A addiction, there is German hand-wringing about excessive debt and a look at counting the lockdown death toll. Then we revisit that the age old question: is passive investing Marxist?

  • Bank of Cyprus prints popular tier two

    Bank of Cyprus prints popular tier two

    The Bank of Cyprus was met with plenty of demand as it sold one of the lowest rated financial deals of the year on Friday – a sign of confidence for any other peripheral names looking at the market.

  • Tatra Bank debuts green programme

    Tatra Bank debuts green programme

    Slovakian lender Tatra Bank concluded several days of marketing with the sale of its debut green bond on Friday, raising €300m of preferred senior paper, which it will count towards minimum requirement for own funds and eligible liabilities (MREL).

  • Canadian covered bonds find harbour in troubled times

    The Covid-19 pandemic caused severe disruption to financial markets in 2020-2021. During this difficult time, the Bank of Canada and the Office of the Superintendent of Financial Institutions took a number of actions to build resilience and improve the stability of the Canadian financial system. Federally regulated financial institutions were, among other things, permitted the privilege to pledge covered bonds with the central bank, which provided access to long-term repos and benefited from preferential regulatory treatment of loans subject to payment deferrals.

  • Allfunds opens books but cracks showing in Europe’s IPO market

    Allfunds opens books but cracks showing in Europe’s IPO market

    Allfunds, the B2B fund distribution platform, has opened the book on its Amsterdam IPO and named several high quality cornerstone investors which are backing the deal. However, not all deals are proving to be as popular as this one and bankers say the IPO market is splitting into those firms which can and those which cannot.

  • Nordic Infra gets €200m green loan

    Nordic Infra gets €200m green loan

    Nordic Infrastructure, a Swiss industrial holding company, has signed a €200m green loan, with the company planning on using part of the proceeds on its acquisitive portfolio company Solör Bioenergy.

  • Post-results Scandie credit pipeline builds

    Post-results Scandie credit pipeline builds

    A handful of borrowers are circling the Nordic markets with an eye to printing after the end of first quarter results. But the looming blackouts have not deterred every type of credit from tapping the market as a range of corporate, covered bond and financial issuers placed paper this week.

  • ABN hires internally for new UK DCM top job

    ABN hires internally for new UK DCM top job

    Vi Davda has been promoted to a new role of head of UK debt capital markets at ABN Amro, as the Dutch bank looks to expand its business across UK financial institutions and corporate clients.

  • Kakao chairman trims stake after charity pledge

    Kakao chairman trims stake after charity pledge

    The chairman of South Korea’s Kakao Corp has kicked off his official pledge to donate more than half of his wealth to society by raising about W500bn ($448m) from a stake sale in the messaging app on Thursday.

  • Tencent nails $4.15bn bond

    Tencent nails $4.15bn bond

    Chinese technology giant Tencent Holdings raised $4.15bn from four tranches of long-dated bonds this week, overcoming weak market sentiment to push ahead with its deal.

  • CCB goes global for sustainability bonanza

    CCB goes global for sustainability bonanza

    China Construction Bank Corp turned to the bond market on Thursday to sell a $2.4bn equivalent multi-currency transaction, with each tranche carrying a socially responsible investment (SRI) label. But recent volatility in the region’s credit market, and the issuer’s own ‘ambiguous’ approach to the trade, posed challenges.

  • Dongfeng Peugeot drives into ABS market on sales rebound

    Dongfeng Peugeot drives into ABS market on sales rebound

    Dongfeng Peugeot Citroen Auto Finance Co made its first appearance in China’s auto loan ABS market since 2017 this week, sealing a Rmb2.201bn ($336m) deal amid rising demand for proprietary brand vehicles after a plunge in sales in recent years.

  • DBS sets the stage to cut thermal coal exposure

    DBS sets the stage to cut thermal coal exposure

    DBS Bank is aiming to reduce its thermal coal exposure to zero by 2039, joining a group of global investors and banks that have made similar commitments to tackle climate change.

  • India seeks banks for fertiliser divestments

    India seeks banks for fertiliser divestments

    The Indian government is looking for banks to help offload its stakes in Rashtriya Chemicals & Fertilizers and rival National Fertilizers, sending out two requests for proposals for the divestments.

  • Birla Sun Life AMC readies IPO

    Birla Sun Life AMC readies IPO

    India’s Aditya Birla Sun Life Asset Management Company is gearing up for an IPO that will give its two promoter shareholders an opportunity to divest their positions in the firm.

  • Zhaoke eyes $270m from Hong Kong IPO

    Zhaoke eyes $270m from Hong Kong IPO

    Chinese company Zhaoke Ophthalmology has kicked off a Hong Kong IPO worth up to HK$2.1bn ($270m), becoming the latest biotechnology company to sell shares on the bourse.

  • Prasac trims pricing on loan return

    Prasac trims pricing on loan return

    Cambodia’s Prasac Microfinance Institution has returned to the loan market for $200m, narrowing pricing by 35bp compared to its last transaction in 2020.

  • Mind ID seeks $1.5bn in general syndication

    Mind ID seeks $1.5bn in general syndication

    Mining Industry Indonesia (Mind ID) is testing lenders’ appetite for a $1.5bn dual-tranche loan that has been launched into syndication through a group of eight banks.

  • Peru bondholders 'complacent' amid LatAm election super-cycle

    Peru bondholders 'complacent' amid LatAm election super-cycle

    Peruvian bonds barely moved this week after a shock in the first round of the country’s presidential elections on April 11, while Ecuador debt reacted spectacularly to a positive electoral surprise on the same day. Yet there are concerns about complacency towards risks in Peru, where a left-wing radical took most first-round votes, and Latin American bond buyers should brace for more volatility as the region faces an exceptionally busy election cycle.

  • Public Storage M&A breaks dollar hush

    Public Storage M&A breaks dollar hush

    Public Storage wrapped up a quickfire acquisition financing in the US bond market this week, after supply slowed to a trickle as huge swathes of corporate America entered earnings blackouts.

  • No such thing as a temporary safe asset

    If the European Union wants its bonds to be considered the true eurozone safe asset, then it’s going to have to start acting like it means to stick around.

  • Borrowers flock to scorching dollar mart

    SSA borrowers flooded into the dollar market this week, bringing forward deals targeted for later in the year to take advantage of the superb conditions.

  • EU readies €800bn debt programme but safe asset status in doubt

    EU readies €800bn debt programme but safe asset status in doubt

    The European Commission says it is ready to pull the trigger on Next Generation EU — an €800bn debt programme designed to finance the bloc’s economic recovery from the coronavirus pandemic. Political hurdles remain but from a funding perspective the EU is raring to go. However, market participants warn that even with its colossal funding need, it may not fulfil ambitions of becoming a true eurozone safe asset, writes Lewis McLellan.

  • Eyes on IMF as Suriname clinches debt delay

    More than 90% of Suriname’s bondholders this week participated in a consent solicitation that extends the sovereign’s debt standstill until the end of July. But the government has only until April 30 to sign a deal with the IMF, or the standstill will be cancelled.

  • PP investors weigh up governance as UK schools face crisis

    PP investors weigh up governance as UK schools face crisis

    Institutional investors are weighing up governance at elite UK private schools after a series of serious sexual assault allegations emerged from the sector. As certain private schools look for new deals to add to the £500m they have already raised, investors are focusing on how schools have handled the ensuing crisis.

  • Spac boom drives US banks to Q1 record

    Spac boom drives US banks to Q1 record

    US investment banks have set a high bar for their European rivals by posting record revenues powered by a boom in capital markets underwriting.

  • SSAs break records in booming SRI market

    SSAs break records in booming SRI market

    There was an ESG flavour to the majority of non-sovereign euro public sector trades this week, with a number of issuers setting new records with labelled deals.

  • Cantonal banks make the most of Pfandbriefzentrale absence

    Cantonal banks make the most of Pfandbriefzentrale absence

    Switzerland's cantonal banks enjoyed an open window this week thanks to Pfandbriefzentrale's extended stint away from the market. Elsewhere, the Canton of Zurich was able to harness the lack of sub-sovereign supply to land at an aggressive level versus govvies.

  • SLB fever sweeps FIG market after Berlin Hyp debut

    SLB fever sweeps FIG market after Berlin Hyp debut

    Banks are optimistic that sustainability-linked bonds have a bright future as part of their funding toolkits, after Berlin Hyp became the first financial institution to land a deal in the format this week. More trades are already on the way and market participants are stepping up their efforts to break down the remaining barriers for FIG borrowers.

  • ‘Russia’s Rubicon crossed’ after Biden sanctions

    ‘Russia’s Rubicon crossed’ after Biden sanctions

    Equity and debt markets were fretting on Thursday over the implications of new US sanctions against Russia. A prohibition of US investment in Russian sovereign bonds marked an escalation in tensions, threatening sovereign borrowing costs. It could also damage Russian companies’ chances of funding in the capital markets, write Mariam Meskin and Sam Kerr.

  • SSA pair look to Scandinavia

    SSA pair look to Scandinavia

    Norwegian krone SSA supply is outpacing Swedish kronor so far this year, driven in part by a demand for zero risk weighted assets in the market. Among the latest names to access the Norwegian market is the African Development Bank, which sold a new social bond as part of a dual-currency issue.

  • Biden infrastructure plan boosts equipment ABS outlook

    Biden infrastructure plan boosts equipment ABS outlook

    The $2tr infrastructure plan proposed by president Joe Biden is now under review in Congress, where it is expected to go through a process that will reduce its scope and size. The comprehensive terms of the bill include plans to create millions of jobs in agriculture and construction, which will serve as a boon to the equipment ABS sector.

  • Dufry boosts size of HY comeback bond

    Dufry boosts size of HY comeback bond

    Duty-free operator Dufry joined the throng of issuers in the high yield primary markets this week with its first straight offering since the coronavirus pandemic hit. It increased the offering size from €850m to €1bn, as investors pinned their hopes on the vaccine-inspired recovery in the travel industry.

  • EU eyes separate gas law, leaves harmful bioenergy in Taxonomy

    EU eyes separate gas law, leaves harmful bioenergy in Taxonomy

    The European Commission is set to put forward a new solution to the intense battle over the EU's sustainable finance Taxonomy, between green finance supporters and EU member states that want to safeguard their plans to use gas, GlobalCapital has learned. This would appear to involve leaving gas out of the sustainable category of the Taxonomy, as environmentalists have demanded, and making a "separate legislative proposal" to deal with gas and nuclear power.

  • Pfleiderer sucks up docs change for better pricing

    Pfleiderer sucks up docs change for better pricing

    Pfleiderer and its owner, Strategic Value Partners, have minor changes during syndication to the deal docs in its dual-tranche sustainability-linked high yield bond, limiting the group’s flexibility to pay out sale proceeds from its Polish division as a dividend. But the company has succeeded in pushing pricing tight, with the fixed rate bonds set to land at 4.75% area and the floater at 475bp.

  • Concerns grow over Spac deluge

    Concerns grow over Spac deluge

    The relentless flow of special purpose acquisition companies coming to the market is causing unease among investors about market saturation, with $140bn raised so far this year. Only the highest quality sponsors are likely to succeed in bringing new Spacs to IPO from now on, writes Aidan Gregory.

more leveraged/non-investment grade