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M&A surge cannot slake debt markets’ thirst for deals

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M&A surge cannot slake debt markets’ thirst for deals

Debt markets are awaiting a wave of mergers and acquisition financings in the second quarter and later this year, as the boom in deals sparked by confidence that the economy is recovering from the coronavirus gathers steam. But the eagerness to lend will create tension between loan and bond markets, and deals are likely to get more challenging later in the year, write Mike Turner and Jon Hay.

  • TI Fluid adds unsecured HY layer

    TI Fluid adds unsecured HY layer

    TI Fluid Systems, an auto parts company, is marketing its first unsecured debt, a €600m eight year non-call three, which it plans to use to repay part of its secured debt. It has also launched repricing on this loan, looking to cut margins and reset Euribor floors to market standard levels.

  • BNP Paribas bankers in Spain leave for boutique firm

    BNP Paribas bankers in Spain leave for boutique firm

    A group of BNP Paribas bankers in Spain have jumped ship to join boutique firm Beka Finance, according to market sources. One person familiar with the situation said that the French bank will refill these roles in due course.

  • HSBC brings back Horsburgh for UK role

    HSBC brings back Horsburgh for UK role

    HSBC is relocating the regional head of its leveraged and acquisition finance (LAF) business from Hong Kong to London to help implement its UK strategy.

  • Singtel returns to home market with first perp

    Singtel returns to home market with first perp

    Singapore Telecommunications (Singtel) sold a subordinated perpetual bond in the Singapore dollar market this week, marking its return to the currency after more than a decade, as well as its first perp.

  • A-bracket corporates hit Europe’s bond market

    A-bracket corporates hit Europe’s bond market

    Europe’s high grade corporate bond market was populated with well rated issuers on Wednesday, as triple-B borrowers took a cautious approach and stayed away after the Easter weekend.

  • Trump exit unleashes Financial Stability Board to act on climate

    Trump exit unleashes Financial Stability Board to act on climate

    The G20’s Financial Stability Board is cranking up its action on climate change again now that Donald Trump is no longer US president. This will feed the hopes of some sustainable finance supporters who want the FSB to drive progress on issues including environmental accounting.

  • Kangde Xin gets the boot from Shenzhen bourse

    Kangde Xin gets the boot from Shenzhen bourse

    Defaulted bond issuer Kangde Xin Composite Material Co is expected to be delisted from the stock exchange of Shenzhen next month, a move that will end an over two year probe by Chinese regulators into the company.

Corporate Bonds News Archive

  • IG corporates at bay with spreads wide and blackouts looming

    IG corporates at bay with spreads wide and blackouts looming

    Europe’s high grade corporate issuers are expected to sit on the sidelines of the primary bond market for the coming weeks, as wide spreads and an impending earnings reporting season remove any sense of urgency among issuers to print new debt.

  • Alvarez & Marsal beefs up Mid East advisory team

    Alvarez & Marsal beefs up Mid East advisory team

    Professional services firm Alvarez & Marsal has hired a seasoned advisor to bolster its Middle East advisory team, as it seeks to be an integral part of the region's diversification transformation.

  • Fossil IPOs have been shockers, green equities only scratch the surface

    Fossil IPOs have been shockers, green equities only scratch the surface

    The equity markets have ploughed nine times more capital into fossil fuels than green energy in the past decade, and lost $120bn as a result. The tide is turning, but the amounts going into clean power are still pitifully small compared with the needs, according to research by Carbon Tracker this week.

  • Danish Agro closes Schuldschein

    Danish Agro closes Schuldschein

    The Danish cooperative farming company has sold €125m of Schuldschein, the largest placement in its three visits to the market.

  • Logan nets $300m from 2025 bond

    Logan nets $300m from 2025 bond

    Chinese property developer Logan Group Co has returned to the dollar bond for the second time this year. It was forced to navigate a much more difficult market this time – and ended up paying around 20bp over fair value.

  • Chengdu LGFV prices club-style bond

    Chengdu LGFV prices club-style bond

    Chengdu Jiaozi Financial Holding Group Co priced an ultra-tight $200m bond on Wednesday, turning to a group of largely Chinese banks for a club-style transaction.

  • ESG: the filter that lets everything through

    ESG: the filter that lets everything through

    Deliveroo and its shareholders raised £1.5bn this week. The IPO was a dog, priced at the bottom of its range and falling 20% on its debut. But it’s hard to feel sympathy for the investors.

  • Alternative credit is here for the yield

    Alternative credit is here for the yield

    Institutional private credit is emerging as a competitive substitute for bank lending in Europe, but companies need to remember that alternative lenders define what they are looking for more narrowly than banks.

  • Gatwick Airport boosts size of sub debt debut

    Gatwick Airport boosts size of sub debt debut

    Gatwick Airport brought its debut subordinated bond to market this week, a high yield issue raised from its holding company that found investor demand for more than three times the deal size, and that was priced at the tight end of talk.

  • Comet caters to high net worth investors

    Comet caters to high net worth investors

    Swiss technology firm Comet served up a niche sub-investment grade bond to high net worth investors this week, issuing a 1.3% Sfr60m ($64m) five year.

  • Casino refi tightens pricing as investors shrug off Rallye overhang

    Casino refi tightens pricing as investors shrug off Rallye overhang

    Leads tightened pricing and increased the size of an opportunistic maturity-pushing loan and bond refinancing for French supermarket Casino this week, with investors keen to buy the company’s turnaround story and look past the troubles of its holding company, Rallye, which needs a slug of cash to pay bondholders in 2023.

  • VGP keeps real estate debt splurge going

    VGP keeps real estate debt splurge going

    VGP, the Belgian logistics real estate company, has made its debut in the bond markets with green trade that found chunky demand. The deal was the second debut benchmark from a European real estate credit in as many days.

  • VP heads back to KKR’s credit biz

    Vaibhav Piplapure, widely known as VP, has signed on for a second stint in KKR’s credit business, returning to the firm as a London-based managing director sourcing asset-based finance and speciality lending opportunities.

  • Jardine Matheson raises $1.2bn from debut bond

    Jardine Matheson raises $1.2bn from debut bond

    Hong Kong conglomerate Jardine Matheson Holdings made its entrance to the dollar market with a dual tranche transaction on Tuesday, part of the group's efforts to delist one of its units.

  • Jinmao builds $600m bond trade

    Jinmao builds $600m bond trade

    Property company China Jinmao Holdings Group sold its second dollar bond of 2021 on Tuesday, raising $600m from a five year note.

  • China moves to reform onshore ratings industry

    China moves to reform onshore ratings industry

    Five Chinese regulators have drafted new guidelines for domestic credit rating agencies, attempting to reform an industry that has faced renewed criticism in recent months. Addison Gong reports.

  • MetLife’s EFL result shows bilateral funding potential

    MetLife’s EFL result shows bilateral funding potential

    The fact that a large US insurance company could offer the English Football League better lending terms than UK banks or other investors is revealing. UK lenders are shying away from deals, which has opened the doors to institutional investors. The speed with which a tailor-made EFL deal was done shows how quickly they can replace traditional creditors.

  • Heathrow lands bonds before rival Gatwick

    Heathrow lands bonds before rival Gatwick

    London’s Heathrow Airport flew into the investment grade bond markets again on Tuesday, while its rival Gatwick Airport was marketing a high yield issue.

  • Canary Wharf green bond overcomes office fears

    Canary Wharf green bond overcomes office fears

    Canary Wharf made its debut in the bond markets in its present form on Tuesday, with a green triple tranche bond in euros and sterling that found plenty of demand, despite the rocky future for office space.

  • MetLife beats banks to EFL deal

    MetLife beats banks to EFL deal

    US institutional investor MetLife has offered a more attractive loan package to the English Football League — England's second, third and fourth professional football divisions — than the UK government and bank lenders.

  • KNOC bond clashed with banks’ own climate policies, NGO charges

    KNOC bond clashed with banks’ own climate policies, NGO charges

    An environmental activist institute has argued that the bookrunners of a Korea National Oil Corp $700m bond priced on Tuesday are being inconsistent with their own climate policies, and might even be taking legal risks, because of the issuer's exposure to tar sands oil production in Canada.

  • PMM: SSA subscription levels rise compared to 2020

    PMM: SSA subscription levels rise compared to 2020

    As the first quarter draws to a close, Primary Market Monitor investigates how issuance conditions have changed for SSA and corporate borrowers since the coronavirus pandemic first struck, with notably more demand for high grade paper.

  • Casino refi tightens pricing as investors shrug off Rallye overhang

    Casino refi tightens pricing as investors shrug off Rallye overhang

    Leads have tightened pricing and increased the size of Casino’s maturity-pushing loan and bond refi, with investors keen to buy the company’s turnaround story and looking past the troubles of holding company Rallye, which needs to find a big slug of cash to pay bondholders in 2023.

Corporate Bonds News Archive

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