Europe’s high grade corporate bond market ignored a deeply red day in equity markets on Tuesday, and Volkswagen Leasing and Eurofins Scientific got a decent run at printing new debt.
IAG, the parent of British Airways and Iberia, has become the latest airline company to tap the convertible bond market for financing during the pandemic, as it continues to burn vast amounts of cash amid a slow recovery in global travel.
French telecoms firm Iliad is looking for at least €300m from the Schuldschein market, and is trialing an innovative tenor extension in one of its tranches.
Dennis Watson, a managing director and Barclays' head of real estate, has left the bank after some 35 years with the firm.
Austrin electricity and gas company Energie Burgenland has launched a Schuldschein deal weeks after another Austrian utility wrapped up a transaction in the same market.
Korea Expressway Corp sold its first sustainability dollar bond on Monday, raising $500m as its scarcity value appealed to investors.
JSW Hydro Energy, a subsidiary of Indian power company JSW Energy, sold its first international bond this week, taking $707m from the green transaction.
JSW Hydro Energy, a subsidiary of Indian power company JSW Energy, sold its first international bond this week, taking $707m from the green transaction.
Cathay Pacific Airways has sold its first dollar bond in more than 20 years, battling suppressed business over the last two years to raise $650m from the long-overdue deal.
Four Chinese property companies rushed into the dollar bond market on Monday, following weeks of limited to no supply from the sector.
Nomura has named Oliver Holt as head of debt syndicate for Asia ex-Japan, succeeding veteran banker Alister Moss, who is taking on a new position at the bank.
Seven Chinese issuers bagged Rmb7.3bn ($1.14bn) from their inaugural sustainability-linked bonds (SLBs) in the onshore market, as part of Beijing’s efforts to meet its ambitious carbon goals.
One of Citi's Asia Pacific debt syndicate heads has left the bank, GlobalCapital Asia has learnt.
The spread benefit of ESG-linked debt was on clear display in Europe’s corporate bond market on Monday. For the second time in days, investors were offered two similar transactions and paid significantly more for the ESG option, in this case a green bond from Red Eléctrica.
A smattering of European investment grade companies are lining up bond issues, as May continues to bring the turnaround in issuance levels that the market had been hoping for in the run-up to the UK bank holiday at the start of the month.
Monday brought another strong start to the week for European high yield, with six new bonds announced and other deals, such as EQT’s Cerba healthcare financing, set to close this week. Italian issuers led the way, with bonds for International Design Group, Lutech and Cedacri in the market.
JP Morgan is running the acquisition financing for Ion Investment Group’s purchase of Italian banking software group Cedacri, a major shift for the finance, technology and data group, which has relied on Credit Suisse and UBS to fund its spree of its debt-fuelled acquisitions. The group also turned to high yield bonds for the first time recently, a major departure for a company which once prized the privacy of the loan market.
Crédit Agricole has promoted four staffers to fill vacant and newly created jobs in its debt capital markets leadership team, including global head of financial institutions DCM and head of European corporate DCM.
Hong Kong's embattled Cathay Pacific Airways is gauging the market’s response for a new dollar bond, its first international outing in more than two decades.
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EQT achieved a strong response from investors on Friday when it launched the first sustainability-linked bond from a private equity firm, and only the second from a financial company. The €500m deal is tied to greenhouse gas emission cuts and gender diversity metrics.
Crédit Agricole emphasised high levels of activity in syndicated loans and fixed income, especially among French clients, as it revealed a strong set of quarterly earnings on Friday.
French steel parts and distribution company Jacquet Metal Service has launched a further Schuldschein, according to sources. The market is gearing up for somewhat of a renaissance after a moribund 2020 and GlobalCapital understands that 10-15 more transactions are set to be launched in May.
Four Latin America and Caribbean companies sold new issues in the dollar market at very tight looking levels on Thursday, as investors continue to feel pressure to put to cash to work amid extremely high liquidity.
Golden Energy and Resources drew in investors with an 8.875% yield on its bond on Thursday, allowing the mining company to raise $285m.
Three regular dollar bond issuers from China were the first out of the gates to tap investors on Thursday following a long holiday in the Mainland.
BOC Aviation has raised $250m from a tap of bonds sold just last month, finding solid support from US investors for its comeback.
Green bonds took centre stage in the US corporate bond market this week, as issuance began to mount again after the recess for earnings blackouts. No less than three deals paired green and conventional tranches.
Sustainability-linked bonds are the hot capital markets product of 2021, and are developing so fast that even specialists in the field find it hard to keep up with the pace. The market has benefited from the very early definition of guiding principles last year but, writes Jon Hay, big questions remain about what the instrument is for and how it should be governed.
The demand for sustainability-linked bonds was made clear on Thursday, as French minerals company Imerys’s deal commanded more than double the demand of Swedish property firm Sagax’s conventional trade, despite sharing big similarities.
Despite paying a chunky new issue premium, Deutsche Bahn was still able to score some attractive arbitrage with its latest Swiss franc deal this week, and with favourable pricing on offer for foreign names, bankers are confident more could follow.
The new governor of Turkey’s central bank, Şahap Kavcıoğlu, kept rates unchanged at his second monetary policy meeting since taking office. Although a rate cut was unlikely, the decision bodes well for next week’s planned dollar bond issue by LimakPort.
Europe’s high grade corporate bond investors clamoured for spread this week, with low triple-B rated companies Aker BP and Holding d’Infrastructures de Transport (HIT) finding ample demand a day after Eni had sold hybrid debt.
The demand for sustainability-linked bonds was laid bare on Thursday, as French minerals company Imerys’s SLB commanded more than double the demand of Swedish property firm Sagax’s conventional trade, despite both deals sharing major similarities.
Tullow Oil has tightened the already restrictive terms on a new $1.8bn senior secured bond, applying further limits to dividend capacity and restrictions on paying down its unsecured 2025 bonds early. But the company had few other options to stave off a restructuring, other than taking what the market will bear, and the bond looks set to price at the tight end of the 10.25%-10.5% guidance.
A $7bn equivalent nine-tranche bond issued by London Stock Exchange Group in March put the newest generation of bond documentation software through its paces. It was the first deal of its size and complexity to use one of the growing array of automation technology platforms.
Euronext, the Dutch-registered, Paris-headquartered stock exchanges group, brought a €1.8bn triple tranche bond issue on Thursday. Investors showed much larger appetite for the shortest maturity as inflation fears linger.
The new Turkish central bank governor Sahap Kavcioglu kept rates unchanged at his second monetary policy meeting since taking office. Although a rate cut was unlikely, the decision bodes well for Turkish port operator LimakPort's planned dollar bond next week.
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Peter Zirwes, the highly regarded head of corporate finance at Daimler, Europe’s second biggest corporate bond issuer, will retire at the end of August. This follows an eventful career that has spanned bouts of transformative M&A.
Banks backing the successful Allied Universal bid for UK security company G4S are set to split around $100m in financing fees for backing the deal, with Credit Suisse and Morgan Stanley in line for the lion’s share of the profits, as the $6.3bn eight tranche syndication is priced and the firm is delisted.
Indonesian textile company Sri Rejeki Isman (Sritex) saw its bonds plummet in the secondary market this week, as investors grappled with the company's missed debt payments and a series of ratings downgrades. Morgan Davis reports.
South Korean internet giant Naver Corp has returned to the debt market to tap its debut sustainability bond for another $300m.
Europe’s high grade corporate bond investors showed for the second day in a row on Wednesday how hungry they are for spread. Low triple-B rated credits Aker BP and Holding d’Infrastructures de Transport both increased their bond issues after bumper demand.
Globus, a German family-owned retailer, has launched a Schuldschein, joining a roster of other retailers stocking up on cash in the market.
Indonesia's Sarana Multi Infrastruktur (SMI) has returned to the dollar bond market after a five-year absence, raising $300m.
Khazanah Nasional, Malaysia's sovereign wealth fund, has found overwhelming demand for its $1bn bond, attracting more than $5bn of orders.
A small band of committed investors in Tesco has achieved spectacular success with a shareholder motion on healthy food. This should embolden investors to hold issuers to account on a wider range of social matters — and also contains a deeper lesson about how markets bring about change.
Ares Management has raised a colossal €11bn for its new European direct lending fund, but firms whose investments hit the skids through the pandemic may not find it quite so easy.
Eni, the Italian oil and gas company, got its chunky €2bn hybrid capital issue comfortably oversubscribed on Tuesday, after a similar success for Orange last week. Corporate bond investors are piling money into anything that offers higher returns.
Europe’s high grade corporate bond market saw an abundance of mandates on Tuesday, suggesting that the bullish hopes from some corners of the banking world for May’s primary market might be fulfilled.
Dennis Watson, a managing director and Barclays' head of real estate, has left the bank after some 35 years with the firm.
IAG, the parent of British Airways and Iberia, has become the latest airline company to tap the convertible bond market for financing during the pandemic, as it continues to burn vast amounts of cash amid a slow recovery in global travel.
Monday brought another strong start to the week for European high yield, with six new bonds announced and other deals, such as EQT’s Cerba healthcare financing, set to close this week. Italian issuers led the way, with bonds for International Design Group, Lutech and Cedacri in the market.
French telecoms firm Iliad is looking for at least €300m from the Schuldschein market, and is trialing an innovative tenor extension in one of its tranches.
By being allowed to hide the details of sustainability targets and incentives, Europe’s investment grade corporations are being given an easy ride when it comes to sustainability-linked loans. They must be more open if the market is to remain credible.
Europe’s high grade corporate bond investors clamoured for spread this week, with low triple-B rated companies Aker BP and Holding d’Infrastructures de Transport (HIT) finding ample demand a day after Eni had sold hybrid debt.
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