Bank of America
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The market for socially responsible investment (SRI) bonds is enjoying a burst of activity, as sub-sovereign borrowers from both sides of the Atlantic hit screens in green. -
Swedish Export Credit Corporation on Thursday added another cracking deal to a super strong week for dollar issuance, as FMS Wertmanagement lined up to take benchmark supply in the currency into Friday.
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Shares in Cobham, the troubled UK aerospace and marine technology company, closed 13% higher on Thursday after the company unveiled its 2016 results and a turnround plan involving a second £500m rights issue in nine months, to strengthen its balance sheet.
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The European high yield bond market has rebooted after a February in which US firms dominated sales, with so many local issuers now coming forward that high yield bankers have started worrying that March could be overcrowded if the entire deal pipeline materialises.
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The strength of the primary debt market in Asia shows no signs of abating, with a number of borrowers heading out on Thursday for fresh dollar fundraisings.
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US car rental company Avis Budget Group called in on European investors on Wednesday with a refinancing that extended a busy pipeline of reverse Yankee high yield deals in euros.
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Sustainability bonds are the flavour of the week for regional issuers, as the State of North Rhine-Westphalia smashed the size record for sub-sovereign SRI bonds on Tuesday and Île-de-France hit screens to announce its own socially responsible investment bond.
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The four banks under investigation by the US Department of Justice and other authorities for manipulation of SSA trading have made little, if any, mention of the risks of the probe in their reporting and regulatory filings.
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South Korea’s Hyundai Capital Services timed its $600m outing well, thriving on its strong name recognition and the variety it added to the debt market to put together a fairly priced deal.
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RPC Group, the UK maker of rigid plastic packaging, has secured a 96% take-up on the £552m rights issue it launched to reduce its leverage after making seven takeovers since September.
