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Informa weighs trading in PPs for bonds

Private Debt

Informa weighs trading in PPs for bonds

Informa, the UK publishing and events business, has said it is considering paying back its private debt placements and issuing bonds instead. Companies tend to avoid early repayment in the PP market because of the cost of makewhole payments, but several market sources said Informa was trying to extricate itself from financial covenants.

  • New roles for Marsh, Verri at Goldman

    New roles for Marsh, Verri at Goldman

    Goldman Sachs has given new titles to leaders in its credit finance, investment grade capital markets and equity capital markets businesses.

  • Chanel brings first luxury sustainability-linked bond as ECB relents

    Chanel brings first luxury sustainability-linked bond as ECB relents

    Chanel, the French luxury brand, is meeting investors over the next two days to market a sustainability-linked bond, the first from its sector and from an unrated company. The deal comes as the European Central Bank has changed a policy that had slowed the market's development.

  • Fallen angels flood Crossover in latest roll

    Fallen angels flood Crossover in latest roll

    Series 34 of the iTraxx Europe Crossover index saw seven fallen angels join the index, following the three added in March’s roll, as the coronavirus pandemic pressures sectors such as autos, transport and retail.

  • Euronext bids for line into govvie bond trading

    Euronext bids for line into govvie bond trading

    If the London Stock Exchange Group and Euronext strike a deal over Borsa Italiana, a major player in European government bond trading will change hands. Euronext may turn to bond and equity markets to finance the acquisition.

  • Asklepios launches Schuldschein as pharma becomes ‘rising star’

    Asklepios launches Schuldschein as pharma becomes ‘rising star’

    German hospital operator Asklepios Kliniken launched a Schuldschein on Monday, with an initial target of €200m. Investors have doubled down on their interest in pharmaceutical firms this year and throughout the pandemic, prompting a substantial increase in the market's exposure to the sector.

  • Green finance’s ‘biodiversity explosion’ to serve transition

    Green finance’s ‘biodiversity explosion’ to serve transition

    Green and sustainable finance is going through tumultuous change, as it crashes into the mainstream of capital markets, said speakers at the GlobalCapital Sustainable and Responsible Capital Markets Forum last week. They emphasised the importance of tying financing to credible transition plans.

  • FinCEN leak to spark extra due diligence measures from lenders

    FinCEN leak to spark extra due diligence measures from lenders

    The release of thousands of leaked documents over the weekend that implicated major banks in money laundering and sanctions violations has sent a shudder through capital markets. Lenders say they will likely increase due diligence to make sure they are not exposed to further revelations.

  • Equity market prepares for 'difficult' Rolls-Royce raise

    Equity market prepares for 'difficult' Rolls-Royce raise

    Rolls-Royce, the UK maker of aircraft engines, has confirmed that it is examining the possibility of a £2.5bn equity raising, but buy-side sources were struggling to make the investment case for the company, given the uncertainty over its future. The stock fell 10% on Monday on the announcement as well as general fears that the UK might be about to reintroduce lockdown restrictions to curb Covid-19 cases.

Corporate Bonds News Archive

  • Ericsson swerves debt for $1.1bn acquisition

    Ericsson swerves debt for $1.1bn acquisition

    Ericsson, the Swedish telecoms infrastructure manufacturer, has agreed to buy US connectivity company Cradlepoint for $1.1bn using cash on hand, as corporate bankers say cash-rich companies are less inclined to visit debt markets to fund acquisitions after months of frantic debt raising.

  • MasMovil preps bond leg of LBO takeout

    MasMovil preps bond leg of LBO takeout

    Spanish telecoms group MasMovil is preparing a €720m bond, the second part of the financing for its take-private by Cinven, KKR and Providence Private Equity. Most of the €2.9bn financing came through a loan issue, allocated in July, with the bonds readied following shareholder acceptance for the offer last week.

  • Agora receives backing from R3’s Rutter as bond platform moves to beta testing

    Agora receives backing from R3’s Rutter as bond platform moves to beta testing

    Agora, the end-to-end debt capital markets platform being developed by bond market veteran Charlie Berman, has closed a second funding round with support from new investors including David E. Rutter, the founder and chief executive of R3, the company behind the Corda blockchain system on which Agora will operate.

  • Country Garden bonds boosted by upgrade

    Country Garden bonds boosted by upgrade

    Country Garden Holdings Co saw its dollar bond prices spike on Friday following a ratings upgrade from Moody’s — a move that is set to allow the property developer expand its investor base and lower its funding costs.

  • Pimco names new head of European private credit

    Pimco names new head of European private credit

    Global investment firm Pimco has hired a new portfolio manager and managing director, who will serve as head of private credit in Europe. With this hire, Pimco is looking to bolster its special situations business in Europe.

  • Chinese issuers flood offshore bond market

    Chinese issuers flood offshore bond market

    Bond sales from Chinese issuers continued unabated on Thursday despite heavy supply in the first half of the week, with firms raising a combined $1.1bn from the debt market.

  • Stripy bond market will offer no camouflage

    Stripy bond market will offer no camouflage

    The green bond market was conceived on a simple plan. A new class of green bonds would finance environmental projects, standing out from the grey mass of ordinary bonds.

  • Novartis stirs debate with first social-linked step-up coupon bond

    Novartis stirs debate with first social-linked step-up coupon bond

    Sustainability-linked bonds took a full year to get going after Enel, the Italian power and gas company, introduced the structure in September 2019. But they are now gathering pace. This week Novartis, the Swiss pharmaceutical company, printed a deal, just a week after Suzano, the Brazilian pulp and paper group, had become the second issuer.

  • ESG harmonisation push gives cheer for derivatives

    ESG harmonisation push gives cheer for derivatives

    A push towards harmonising data and reporting standards in ESG finance is gaining momentum and is a much-needed move in the development of the market. This was the message from panellists at GlobalCapital’s Sustainable and Responsible Investment Capital Markets Virtual Forum this week.

  • Job loss fears rampant as pandemic pummels corporate debt volumes

    Job loss fears rampant as pandemic pummels corporate debt volumes

    Despite the financing that two jumbo acquisitions revealed this week would require, loans bankers fear that with no end to the coronavirus pandemic in sight and entire industries reeling from the fallout of lockdown, their jobs will soon be on the line. Mariam Meskin and Mike Turner report.

  • AFC Swiss franc green debut expected next week

    AFC Swiss franc green debut expected next week

    Africa Finance Corporation (AFC), the pan-African development finance institution, has held investor calls ahead of its first green bond issue that Swiss franc bankers expect to launch next week.

  • LSEG reveals new MTN platform

    LSEG reveals new MTN platform

    The London Stock Exchange Group has partnered with fintech firm Nivaura for the exchange's new platform, called Flow. LSEG hopes that its adoption of Nivaura’s general-purpose legal mark-up language (GLML) technology will help to establish it as the industry’s automation protocol of choice.

  • Intrum taps July bond to pay down revolver

    Intrum taps July bond to pay down revolver

    Swedish debt purchaser Intrum sold a tap of its 4.875% 2025 unsecured notes on Wednesday, intending to use the funds to part-pay its revolving credit facility. With a strong backdrop, and plenty of RCF drawings still outstanding, the company increased the deal by €50m during syndication.

  • RBC looks for another lift after 10 year build

    RBC looks for another lift after 10 year build

    RBC Capital Markets’ expansion in European investment banking came in the aftermath of the global financial crisis. A decade on, the coronavirus pandemic has presented it with a very different set of challenges.

  • Amadeus and Kion give IG investors a chance of spread

    Amadeus and Kion give IG investors a chance of spread

    Amadeus IT group, the Spanish travel technology company, and German logistics company Kion Group offered corporate bond investors the chance to pick up riskier debt on Thursday, as the demand for higher yielding securities drives large parts of the primary market.

  • Private company premium evaporates as Altice refis

    Altice France leapt straight into the market after Friday’s surprise announcement that owner and founder Patrick Drahi would be taking the company private. Research from Federated Hermes shows that the credit spread premium for a private company has dropped to virtually zero for the first time in 20 years.

  • Maxeda scores nailed-on liquidity with 2026 refi

    Maxeda scores nailed-on liquidity with 2026 refi

    Dutch DIY group Maxeda launched a refinancing this week which pushed up its rating, after it took out its 2022s with new 2026 bonds, taking any liquidity constraints for the triple-C rated chain firmly off the table. Despite the pandemic, the retailer has been successfully deleveraging, helped by a boom in home improvements during lockdown.

  • SSD bankers push back against troubled borrowers

    SSD bankers push back against troubled borrowers

    Schuldschein arranging banks have long claimed to be the market's gatekeepers as far as borrowers looking for access are concerned, rejecting lower quality credits to keep the standard high. As the market expanded in recent years and a richer variety of companies borrowed from it, this became a less convincing claim. But as the coronavirus pandemic rocks Europe, Schuldschein bankers say they have declined several requests from companies from risky sectors.

  • Unibail-Rodamco-Westfield launches plan to reset business

    Unibail-Rodamco-Westfield launches plan to reset business

    Unibail-Rodamco-Westfield, one of the world's largest owners of shopping malls, launched a €9bn-plus turnaround plan on Thursday, which includes a €3.5bn rights issue. The aim of is to reduce its leverage to help it withstand the Covid-19 pandemic.

  • Grenke’s shares plummet following Viceroy report

    Grenke’s shares plummet following Viceroy report

    Bank and leasing firm Grenke has seen its share price plummet by more than half over the past two days after becoming the latest target of Viceroy Research, the activist short seller known for its campaigns against Wirecard and Steinhoff. German regulator Bafin has told GlobalCapital it is investigating the situation.

  • Covid can free markets to pursue green recovery

    Covid can free markets to pursue green recovery

    The Covid-19 pandemic has been a health and economic disaster — but it also creates opportunities, say responsible investing experts. The new environment means financial players can become more ambitious, socially and environmentally.

  • Intrum preps tap to pay down revolver

    Intrum preps tap to pay down revolver

    Swedish debt purchaser Intrum is in the market with a tap of its 4.875% 2025 unsecured notes, issued in July, intending to use the funds to part-pay its revolving credit facility. The starting size of the tap is €200m but the company has €746m outstanding on its RCF so could easily look to increase the deal size if it receives strong demand.

Corporate Bonds News Archive

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