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  • Tencent jumps on ‘golden window’ for $6bn bond

    Tencent jumps on ‘golden window’ for $6bn bond

    Chinese tech giant Tencent Holdings raised $6bn from a four-tranche transaction on Wednesday. The deal, which attracted some $36bn of orders at its peak, proved that global investors are not being scared away from Chinese credits, despite the geopolitical risks clouding the country. Morgan Davis reports.

  • IWG surges after raising £315m of growth capital

    IWG surges after raising £315m of growth capital

    Shares in IWG, the London-listed operator of serviced offices and co-working spaces, rose by 15% on Thursday after the company successfully tapped investors for £315m to fund growth once the Covid-19 global pandemic subsides.

  • Citi sustainability: grey heads and millennials

    Citi sustainability: grey heads and millennials

    Citigroup’s new architecture to make its banking, capital markets and advisory (BCMA) group a fitter competitor in sustainability and ESG issues emphasises two channels of communication, according to Manuel Falcó, co-head of BCMA, through the most senior rainmakers and a cadre of younger enthusiasts.

  • Retailer Tendam latest in Spain to win ICO crisis support

    Tendam, a fashion retailer, is the latest Spanish company to get syndicated loan backing from the state owned Instituto de Credito Oficial (ICO), as sectors hit hardest by the coronavirus pandemic lean on state support.

  • Crisis Talk — Carson Block, CIO of Muddy Waters: ‘If capitalism breaks, it’s capitalists who broke it’

    Crisis Talk — Carson Block, CIO of Muddy Waters: ‘If capitalism breaks, it’s capitalists who broke it’

    Muddy Waters has fostered a fearsome reputation as a credible, thorough and forceful short seller whose explosive reports are a danger to anyone harbouring a stake in its intended target. Carson Block, its founder and chief investment officer, told GlobalCapital he has never been wrong about a company he’s shorted, though that doesn’t mean he’s made money from every position he has held. According to Block, monetary policies intended to stimulate markets through financial crises actually corrode them, and stifle accountability for serious failures in corporate governance.

Corporate Bonds News Archive

  • Tate & Lyle first UK corporate back in the PP market

    Tate & Lyle first UK corporate back in the PP market

    UK food and ingredients company Tate & Lyle has sold a $200m US private placement, according to two sources familiar with the situation. Several agents have said that requests for proposals are now rolling in after a quieter few months.

  • ESG back in focus as Severn Trent order books bulge

    ESG back in focus as Severn Trent order books bulge

    Severn Trent, the UK water utility, achieved blowout demand on Tuesday for its sustainable bond, as bankers say the focus in the high grade market is shifting from crisis mode back to socially responsible debt.

  • Capital markets digest Hong Kong ‘death knell’

    Capital markets digest Hong Kong ‘death knell’

    Hong Kong’s equity markets took a hit on Friday and sentiment soured among bond investors over news that China is considering enacting the national security law in Hong Kong. Bankers have described the possible impact as everything from a “death knell” to a “flash point” for the special administrative region’s markets.

  • Negative rates loom for UK but market participants unconcerned

    Negative rates loom for UK but market participants unconcerned

    The Bank of England this week signaled that it is changing its stance and considering bringing its base rate into negative territory. But with the UK Debt Management Office (DMO) issuing three year paper with a negative yield for the first time, as well as printing £7bn ($8.56bn) of 41 year bonds, there are few worries for the SSA market.

  • Back with a bang: China’s property developers reopen bond market

    Back with a bang: China’s property developers reopen bond market

    Chinese property companies are slowly returning to the dollar bond market, reopening issuance from the sector after a two-month hiatus. Although debt bankers are not predicting a big pick-up in deal flow from these high yield issuers, the lack of supply is giving some borrowers an edge over pricing. Morgan Davis reports.

  • Huhtamäki enters Schuldschein market, more internationals to come

    Huhtamäki enters Schuldschein market, more internationals to come

    Huhtamäki, the Finnish veteran of the Schuldschein market, is looking for a five year deal. Several bankers have said many other international issuers are coming as the market emerges from the first phase of the coronavirus pandemic, but they will find market norms have changed.

  • Banks going green: if you’re going to lead, lead

    Banks going green: if you’re going to lead, lead

    Banks want to position themselves as ahead of the curve on sustainability. They are among the most sophisticated, well resourced, IT-savvy organisations in the world. Why can't they work out the carbon footprints of their portfolios?

  • Investors demand more ESG as money pours in

    Investors demand more ESG as money pours in

    Investors are clamouring for more environmental, sustainable and governance (ESG) themed bonds, as the panic of the last few months gives way to a renewed interest in the format.

  • Bankers baffled by FCA's aims in ancillary business probe

    Bankers baffled by FCA's aims in ancillary business probe

    Loans bankers are puzzled by a probe by the UK's Financial Conduct Authority into whether banks attached improper conditions to loans to companies during the coronavirus crisis. They are concerned the FCA could edge into criticism of the system of bank-client relationships that underpin modern corporate finance, and some believe this is already having an influence on how companies think about mandates.

  • Euro high yield faces new frontier with B- divi deal

    Euro high yield faces new frontier with B- divi deal

    The slowly reopening European high yield market faced another test on Tuesday, following Sappi’s decision to pull its planned issue at the end of last week. Data centre and cable network firm Cogent was raising an B3/B- rated add-on in order to pay a dividend. The company is too leveraged already to allow a dividend under its existing bond docs but is using a "temporary deleveraging" and escrow structure to work around them.

  • UK Treasury extends CLBILS loan scheme to £200m

    UK Treasury extends CLBILS loan scheme to £200m

    The Treasury announced on Tuesday an extension to the Coronavirus Large Business Interruption Loan Scheme (CLBILS). From May 26 certain businesses can apply for loans up to £200m under CLBILS but there are restrictions on dividend payouts and management pay rises.

  • Negative rates talk a problem for money market funds

    Negative rates talk a problem for money market funds

    The pain that negative rates in dollars could cause money market funds hangs like an albatross around the US Federal Reserve’s neck. Talk of them has picked up over the last week as US Federal Funds Futures prices started to imply they were on their way, while president Donald Trump pushed the topic on Twitter, even though and Fed chair Jerome Powell appeared to rule them out.

Corporate Bonds News Archive