Corporate Bonds

  • UK corporate bond ‘chaos’ predicted if Labour Party wins

    UK corporate bond ‘chaos’ predicted if Labour Party wins

    High grade corporate bond bankers have warned of near-pandemonium in the UK market if the Conservative Party fails to form a government after the general election on December 12. They fear rocketing spreads and constricted market access during the busy January issuance window.

  • Two climate lenses show different results

    Two climate lenses show different results

    Company managements are becoming more alert to climate change and developing policies on it, new research on the transport sector shows. But the range is huge, and having a board that recognises the climate problem does not necessarily mean the company is decarbonising fast enough.

  • US PP market: hold firm on covenants

    US PP market: hold firm on covenants

    Certain US private placement (PP) investors are beginning to fear a turn in the famously prudent market, towards a world with looser financial covenants. Let us hope this remains a fear and does not become reality.

  • Borrowers make last-gasp dollar dash

    The US high-grade market corporate bond market shrugged off volatility this week, as borrowers dashed to print trades in the last full week for supply before the year’s end.

  • IG bond buyers kick back after ‘exceptional’ year

    IG bond buyers kick back after ‘exceptional’ year

    Corporate bond investors in Europe have enjoyed an “exceptional” year, according to analysts at one bank, with significant spread tightening in all sectors, even though negative yields have become increasingly common again.

Corporate Bonds News Archive

  • Houlihan’s European expansion rolls on

    Houlihan’s European expansion rolls on

    Houlihan Lokey’s European corporate finance land grab has made its fifth acquisition since 2014, writes David Rothnie, at a time when the fluctuations of the credit cycle may be about to lead to more restructurings.

  • Kiloutou scores flexibility with loan-to-bond refi

    Kiloutou scores flexibility with loan-to-bond refi

    French equipment leasing firm Kiloutou locked in an opportunistic refinancing of its loans with a new dual tranche €820m high yield bond on Thursday, easing its covenant constraints at the expense of adding call protection. At initial talk, the deal appeared to have little pricing rationale, but the market proved keen to support it, and the company added an extra €40m and priced through guidance.

  • Gewobag’s negative floor gamble pays off in Schuldschein market

    Gewobag’s negative floor gamble pays off in Schuldschein market

    Gewobag, the A2/A+ rated German housing company, launched the first Schuldschein with a Euribor floor set below zero in November and the transaction has closed at €650m, according to a source close to the deal. The success of this deal will encourage arrangers to bring more companies to market with negative floors in 2020.

  • Music plays on in high yield after Thanksgiving

    Music plays on in high yield after Thanksgiving

    Fixed income investors are eager to close the books on a strong year for returns in high beta credit, and are sitting on their hands, hoping to avoid a repeat of the ugly end to 2018. But still the debut borrowers come.

  • Sisal Pay launches €530m HY bond after teaming up with Intesa

    CVC-backed financial technology firm Sisal Pay is marketing a €530m issue of senior floating-rate notes to finance a merger with Intesa Sanpaolo-owned Banca 5’s payments business. The new venture is aiming to be the next Nexi, another Italian fintech star that listed recently and has had success in the high yield bond market too.

  • Takeaway.com snipes at Prosus in Just Eat battle

    Takeaway.com snipes at Prosus in Just Eat battle

    The takeover fight for online food delivery company Just Eat took a vitriolic turn this week, with merger frontrunner Takeaway.com accusing debt-backed hostile bidder Prosus of “scaremongering”.

  • Caveat emptor: Indian SOEs attempt covenant changes

    Caveat emptor: Indian SOEs attempt covenant changes

    Oil and Natural Gas Corp’s (ONGC) failed attempt to loosen change of control covenants for its dollar bond is a prime example of why investors in Indian state-owned enterprises need to keep their eyes wide open when approaching new deals.

  • Adani's debut USPP pushed into 2020

    Adani's debut USPP pushed into 2020

    Several sources in the US private placement market have told GlobalCapital that Indian power grid company Adani Transmission’s inaugural US private placement has not been placed, and the arrangers will return to the project in the first quarter of 2020.

  • Sunshine in autumn as even late Nov yields bumper corporate crop

    Sunshine in autumn as even late Nov yields bumper corporate crop

    Companies surprised the European bond market this week by issuing nearly €8bn of bonds that sailed through the market, obtaining big orderbooks and requiring minimal price concessions. Bankers had thought the market was starting to look worn down for the year, and were not expecting as much supply. When it did come, they thought some of the deals would struggle.

  • Crédit Ag and Axa do transition bond demo

    Crédit Ag and Axa do transition bond demo

    Crédit Agricole CIB has issued the first transition bond to be structured according to Axa Investment Management’s guidelines for this embryonic product, published in June. The €100m private placement, bought by Axa Group, was designed to demonstrate how the market could work.

  • Bid-asks to gap out under buy-in rules, ICMA warns

    Bid-asks to gap out under buy-in rules, ICMA warns

    The mandatory buy-in regime under the EU’s regulation for central securities depositories (CSDR) is expected to cause bid-ask spreads across bond markets to widen significantly, according to a warning from the International Capital Markets Association. The lobby group would like the rules changed.

  • Europe HY turning worryingly eccentric

    Central bank money is flooding into bonds, making the European high yield market a bizarre place where a double-B rated issuer can pay a coupons of less than 1%. That is attracting first-time issuers with risky, opaque businesses who are getting away with offering scant investor protection.

Corporate Bonds News Archive

Hybrid

All Corporate Bonds

Rank Lead Manager Amount $bn No of issues Share %
1 144.13 755 6.01%
2 132.30 668 5.52%
3 126.73 682 5.28%
4 107.42 478 4.48%
5 100.57 606 4.19%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $bn No of issues Share %
1 30.50 172 6.51%
2 25.52 118 5.44%
3 24.36 104 5.20%
4 23.15 121 4.94%
5 21.72 114 4.63%