Snam, the Italian energy infrastructure company, managed only a tepid reaction from the market on Thursday with a 10 year transition bond, as highly rated names continue to find it tough to get full throated support at such tight levels.
The UK’s Financial Conduct Authority on Thursday proposed creating a synthetic Libor for three sterling and yen settings to be used after the benchmark falls out of use at the end of this year. Market participants called the move “incredibly significant”.
Barclays has poached a leading real estate investment banker from JP Morgan in a move rivals say could lead to shift in banking relationships.
European companies piled into the bond market on Wednesday with a variety of deals that favoured duration, as buoyant sentiment returned after being sapped by the US Federal Reserve last week.
Orange, the French telecoms company, launched €1.5bn of conventional bonds in two tranches on Wednesday, as the company’s group treasurer said he was waiting for the sustainability-linked bond market to mature before joining the quickly growing debt niche.
UK firms Anglian Water and care home company Assura ducked into the sterling bond market on Wednesday, ahead of the Bank of England meeting on Thursday, and both obtained comfortable oversubscription on their benchmark deals.
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Snam, the Italian energy infrastructure company, managed only a tepid reaction from the market on Thursday with a 10 year transition bond, as highly rated names continue to find it tough to get full throated support at such tight levels.
Barclays has poached a leading real estate investment banker from JP Morgan in a move rivals say could lead to shift in banking relationships.
Beijing Construction Engineering Group sold a tightly priced $600m bond by getting a rating for the first time, a move that made a ‘huge difference’ to the company’s fundraising.
The offshore renminbi (CNH) bond market saw a jump in action this week, with three issuers taking advantage of favourable issuing conditions to roll out deals. Addison Gong reports.
Hong Kong-based Bank of China Group Investment has broken a year-long absence from the Panda bond market, pricing a three year deal this week for refinancing.
China Oil and Gas Group’s $400m bond proved popular with investors this week as it offered the high yield market an alternative to property deals from the country.
Hong Kong's CK Asset Holdings, previously known as Cheung Kong Property Holdings, marketed a dual tranche deal worth $600m on Wednesday.
Chinese property company Leading Holdings Group has made its debut in the dollar market with a sub-one year bond.
European companies piled into the bond market on Wednesday with a variety of deals that favoured duration, as buoyant sentiment returned after being sapped by the US Federal Reserve last week.
Orange, the French telecoms company, launched €1.5bn of conventional bonds in two tranches on Wednesday, as the company’s group treasurer said he was waiting for the sustainability-linked bond market to mature before joining the quickly growing debt niche.
Virgin Media 02, the joint venture of Virgin Media and O2, has sold £1.13bn-equivalent of sterling and dollar notes, refinancing a set of bank loans signed ahead of the 50:50 merger, which finally closed earlier this month.
Air France-KLM is preparing to return to public funding markets, as the group comes off life support and contemplates its post-pandemic capital structure, bloated by €10bn of state aid measures during 2020. The airline has been marketing a €600m dual tranche three and five year issue, which is set to be priced on Thursday, as it predicts running at over 60%-65% of 2019 capacity during the summer.
The green dim sum bond market saw a small jump in action on Tuesday, with high yield issuer Zhenro Properties Group selling a short-dated deal and German development bank KfW reopening one of its existing notes.
Singaporean logistics company GLP used a subordinated perpetual bond structure to raise $300m of green funds this week.
Vattenfall, the Swedish electricity company, powered through its euro hybrid capital funding levels with a debut sterling green hybrid this week, as the sterling market continues to provide ample support for borrowers.
LEG Immobilien, the German housing company, has mandated for its debut sustainability bond. Bond market participants expecting sizeable demand for it, despite the recent deluge of property deals.
Following the launch of as many as 10 transactions this week targeting a total of €4.7bn, the high yield market is close to notching its sixth month of more than €10bn of issuance.
There was a clear shift in pricing dynamics last week with larger movements from initial price thoughts, across all sectors but particularly in the markets that carry higher inherent risk. At the same time though, real estate companies drove up the average concession paid in the corporate sector, but that measure fell in the rest of the primary market.
UK speciality fibres and plastics maker Essentra has launched a private placement in what is the second deal from a listed UK corporate to hit the market in a matter of weeks. Market sources say more corporates, including some utilities, are set to return to the instrument after a dry spell since the coronavirus pandemic began.
Chinese real estate company Hopson Development Holdings returned to the offshore bond market for the fourth time this year on Monday, this time taking an aggressive approach to pricing its $200m deal.
Bond market fintech company Origin has teamed up with clearing house operator Clearstream Banking to launch an “instant ISIN” feature to allow the automated allocation of codes to Eurobonds from frequent issuers.
Vattenfall, the Swedish energy company, and UK care home operator Assura have mandated for sterling use of proceeds ESG deals, as sustainability bankers say that the sterling market is growing in popularity for issuance.
Gazprom is set to access the Swiss franc market this week to sell its first trade in the currency for over three years.
Polish consumer collection business InPost launched senior unsecured high yield bonds on Monday, to fund its acquisition of French peer Mondial Relay.
Red-chip Panda bond issuer China Everbright Limited has raised Rmb4bn ($620m) from the domestic market for refinancing.
Asia’s dollar bond market is set for another relatively muted week for deal flow as pressure on China’s real estate industry and the US Federal Reserve’s surprisingly hawkish tone recently slow issuance.
Canadian telecommunications company Telus is set to print the nation’s first sustainability-linked bond, after launching its framework earlier this week. Fellow Canadian Enbridge could join Telus: the oil pipeline operator published its SLB framework on Thursday.
Anglian Water has announced its intention to issue a fresh private placement under a new financing structure. Utilities, once stalwarts of the market, have been few and far between in the last 18 months as PPs have struggled to compete with public bonds on price.
Sino-Ocean Capital Holding has raised $500m from a two year bond. The deal was the company’s longest in the offshore market, but came with a weaker structure than its past outings.
Credit spreads held firm in the US corporate bond market on Thursday, despite a sell-off in Treasuries after the Federal Open Market Committee took a tone interpreted as hawkish. Three companies were tempted to issue.
A lion walks the streets of Rome, an owl shrieks in the marketplace at noon.
The pace at which central banks are accelerating towards skewing monetary policy to support the fight against climate change was brought home this week by a speech by Isabel Schnabel, an executive board member at the European Central Bank, in which she went further than ever before in calling for strong action and hinted at how the ECB might do it.
Hybrids and crossover rated corporate bond issuers hit screens this week, as the thirst for yield returned to the European market.
Office owners and operators found a warm reception in the high grade corporate bond market this week, with investors and analysts growing increasingly bullish on the sector despite the risks it faces.
A reverse enquiry from an institutional investor drove Raiffeisen to reopen its Swiss franc additional tier one (AT1) note this week, which was bumped up even further by demand from retail buyers.
Heimstaden Bostad, the Swedish housing company, had a trickier time in the market with its hybrid capital issue on Thursday than Poste Italiane had a day earlier, suggesting that there is still some sectoral sensitivity among yield-hungry corporate bond buyers.
Standard Chartered's head of financial markets and financial market sales for continental Europe, Stephan Schrameier, is no longer with the bank.
Austrian packaging firm Constantia Flexibles has launched a €150m ESG-linked Schuldschein.
Wipro, an Indian information technology business with global reach, sold its first dollar bond this week. The $750m trade catered to international investors already familiar with the company and its credentials.
Barclays has poached a leading real estate investment banker from JP Morgan in a move rivals say could lead to shift in banking relationships.
Shui On Land became the first Chinese corporate borrower to sell a sustainability-linked bond (SLB) this week — a move that worked to its advantage.
Virgin Media 02, the joint venture of Virgin Media and O2, has sold £1.13bn-equivalent of sterling and dollar notes, refinancing a set of bank loans signed ahead of the 50:50 merger, which finally closed earlier this month.
While the Schuldschein market has embraced ESG-linked financing, participants fear a lack of transparency around key performance indicators is an opportunity for greenwashing. The launch of a sustainability-linked deal Zeppelin, which traces its roots to the fabled aviation name, has heightened fears around market practices.
Altana, a German speciality chemicals company, has moved its main bank line to a sustainability-linked structure, with the borrower negotiating a margin in line with its pre-coronavirus pandemic levels.
European companies piled into the bond market on Wednesday with a variety of deals that favoured duration, as buoyant sentiment returned after being sapped by the US Federal Reserve last week.
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