Iberdrola, the Spanish energy utility, launched a €3bn dual tranche hybrid capital bond on Wednesday, as syndicate bankers say the hunt for yield is encouraging issuers to push boundaries on the amounts they raise in hybrid issues.
Bunzl, the distribution and services company, topped off a strong few days by printing a £400m from bulging order books a week after announcing growth in its third quarter trading statement.
Bavarian dairy group Müller is marketing US private placements, according to market sources, alongside nutrition group Glanbia.
Ülker Bisküvi Sanayi, a Turkish biscuit manufacturer, is set to come to market for a benchmark bond on Thursday, attempting to print a deal in a market that the country’s sovereign wealth fund deemed too hostile to make its debut in.
Permira and partners have injected £600m of equity into their debt collector portfolio company Lowell as part of a £2.2bn recapitalisation and refinancing effort for the troubled company, which saw its bonds heavily shorted and was widely expected to restructure its liabilities this year. The contribution is the largest equity injection from a sponsor in EMEA since the coronavirus pandemic began, and reflects what Lowell's management sees as a historic opportunity to buy NPL portfolios in the months ahead.
Enel, the Italian energy company, scored a number of firsts last week when it sold a sterling sustainability-linked bond. But the effect of that deal that might last the longest could be that it has brought about the end of transition bonds.
High grade corporate bond spreads face a rocky few weeks after six months of consistent tightening, as coronavirus lockdowns and corporate earnings blackouts contribute to increased short term volatility.
Asia’s dollar bond market has seen a big bump up in volumes this month, as issuers rush to get ahead of the US presidential elections and take advantage of still supportive markets. DCM bankers are expecting a much quieter year end — but they admit anything can happen. Morgan Davis reports.
Bunzl, the distribution and services company, topped off a strong few days by printing a £400m from bulging order books a week after announcing growth in its third quarter trading statement.
Iberdrola, the Spanish energy utility, launched a €3bn dual tranche hybrid capital bond on Wednesday, as syndicate bankers say the hunt for yield is encouraging issuers to push boundaries on the amounts they raise in hybrid issues.
Bavarian dairy group Müller is marketing US private placements, according to market sources, alongside nutrition group Glanbia.
Ülker Bisküvi Sanayi, a Turkish biscuit manufacturer, is set to come to market for a benchmark bond on Thursday, attempting to print a deal in a market that the country’s sovereign wealth fund deemed too hostile to make its debut in.
Permira and partners have injected £600m of equity into their debt collector portfolio company Lowell as part of a £2.2bn recapitalisation and refinancing effort for the troubled company, which saw its bonds heavily shorted and was widely expected to restructure its liabilities this year. The contribution is the largest equity injection from a sponsor in EMEA since the coronavirus pandemic began, and reflects what Lowell's management sees as a historic opportunity to buy NPL portfolios in the months ahead.
ReNew Power, the Indian renewable energy giant, brought a $325m green bond to the market on Tuesday. It offered investors a rare opportunity to buy a high yielding deal from the country, despite using a fairly unusual structure for its transaction.
Taiwanese electronics giant Hon Hai Precision Industry Co shook off trade war concerns to raise $1.4bn from the bond market on Tuesday.
Enel, the Italian energy company, scored a number of firsts last week when it sold a sterling sustainability-linked bond. But the effect of that deal that might last the longest could be that it has brought about the end of transition bonds.
High grade corporate bond spreads face a rocky few weeks after six months of consistent tightening, as coronavirus lockdowns and corporate earnings blackouts contribute to increased short term volatility.
Aerospace and defence supplier Meggitt has entered the US private placement market, according to sources, on the hunt for at least $200m. Like others in the sector, Meggitt has struggled through the pandemic.
Naftogaz of Ukraine elected to pull its long six year benchmark bond from the market on Monday, postponing it indefinitely.
Getlink, the company that operates the Channel Tunnel, is preparing a €700m high yield green bond to refinance its 2023 bonds and raise cash for capex, including finishing off a landmark electricity connection between the UK and France. The refi comes after it negotiated waivers on the covenants in its term loan to deal with the impact of the pandemic.
Blackstone Property Partners, the pan-European real estate company, got solid demand for its April 2027 bond on Monday, after last week’s tepid reaction from investors to the sector that saw a deal pulled.
The S&P euro investment grade corporate bond index hit a record high on Friday’s close, but corporate bankers believe that there is little to justify the complete reversal of the fall seen in the depths of the spring Covid-19 crisis apart from central bank splurging.
Goldman Sachs is marketing a new high yield bond for Delek Energy, backed by the royalty payments to come from the Leviathan gas field off the coast of Israel. The financing is effectively super senior to a $2.25bn bond issued in the summer, and ekes out extra debt capacity, borrowing financial technology common in the US shale industry and applying it to a new, Israeli context.
Quadgas, a gas asset and infrastructure investment consortium that sits above UK utility Cadent Gas, has launched a US private placement, in the first whiff of a deal from the sector in the UK for more than six months.
Leveraged companies or sponsors seeking financing are moving quickly to fund in the immediate aftermath of the November 3 US election. Monday morning saw more than €3bn-equivalent of new supply across high yield bonds and loans announced, across six separate issuers.
JP Morgan's Raj Kapadia has joined MUFG as international head of capital markets, as the firm increases its leveraged finance focus. It has also set up a new group to advise clients at the C-suite level on market and macroeconomic developments, led by Tom Joyce, a hire from Deutsche Bank.
Indonesia coal producer Indika Energy was back in the debt market on Thursday with a $450m bond.
Asia’s dollar bond market has been swamped with new deals this week. Thursday was no different, with corporate borrowers from Greater China alone raising just over $3bn between them.
Long used to scanning the horizon for risks, central banks have belatedly woken up to the biggest one of all — climate change. Monetary policy has so far been ignored — but the European Central Bank, until now on the fringes of this issue, is plunging in
The dollar market has endured one of its slowest weeks since the onset of the Covid 19 pandemic, with just one corporate borrower coming to the market.
Givaudan and Nant de Drance attracted big order books this week, driven by demand from asset managers, allowing both to price Swiss franc bonds through fair value.
High grade corporate bond investors had their pick of crossover deals this week, with Inwit, Veolia and Cellnex offering trades on the periphery of junk ratings, with demand solid as risk appetite remains strong.
Enel, the Italian energy company, printed the first sustainability-linked bond in sterling this week well through its curve, sparking expectations of far wider issuance in the still fledgling market.
Canpack, a Poland-based packaging company, made its debut in the euro and dollar high yield market this week, shaking off the constraints of its private placement-based capital structure and preparing for expansion in the US.
Ewe, the German utility, braved a shaky day in the markets on Thursday for its €500m no-grow 12 year bond issue, and still managed a single digit new issue premium.
International Personal Finance, a UK-listed doorstep lender, asked bondholders to ease covenant limits as part of a package of measures to push out its maturities and manage the impact of the Covid-19 crisis on its funding.
The bond piece of Rolls Royce’s £5bn Covid-19 rescue plan was a storming success this week. The issue doubled in size on the back of a combined book of £14bn, showing the firm still has excellent access to private sector liquidity — a strong message as Rolls turns to shareholders for a £2bn rights issue.
SMC Global Power Holdings Corp was one of the few Asian issuers outside of China to turn to the dollar market this week. The Philippine borrower attracted ample investor support, allowing it to raise more money than it had first planned.
German technology company Körber has entered the Schuldschein market, on the hunt for at least €200m. This figure could rise with additional demand.
Four bond issuers from Greater China followed the Chinese ministry of finance into the dollar market on Wednesday, snapping up $1.4bn between them.
Veolia, the French water and waste company, and Spanish telecoms infrastructure firm Cellnex were out with crossover rated debt on Wednesday, giving investment grade corporate investors a double chance to pick up spreads at the higher end of their remit.
Asahi, Japan’s largest brewer, drew the biggest demand in the high grade corporate bond market on Wednesday, adding to the recent trend of issuers from the country getting a roaring response from investors in Europe.
Triton has closed a €744m private debt fund, Triton Debt Opportunities II (TDO II), focused on Northern Europe’s mid-market.
Bernicia, a housing association in the northeast of England, has sold long-term private debt to Legal & General. Housing associations have been a bright spark in an otherwise bleak picture for private market deal flow.
Barclays has hired Gauthier Le Milon as head of M&A for France, Belgium and Luxembourg.
Enel, the Italian energy company, proved that there is sterling demand for sustainability-linked bonds on Tuesday, with the borrower repeating its achievement in dollars and euros by creating the market in the currency.
The coronavirus crisis will continue to lead to divergence in economic fortunes, and that will play out in European capital markets as well.
Crossover credit Inwit showed that the return of risk demand is still going strong this week, with the Italian wireless infrastructure company drumming up €3.7bn of demand for its trade.
JP Morgan's Raj Kapadia has joined MUFG as international head of capital markets, as the firm increases its leveraged finance focus. It has also set up a new group to advise clients at the C-suite level on market and macroeconomic developments, led by Tom Joyce, a hire from Deutsche Bank.
ReNew Power, the Indian renewable energy giant, brought a $325m green bond to the market on Tuesday. It offered investors a rare opportunity to buy a high yielding deal from the country, despite using a fairly unusual structure for its transaction.
Permira opted to rescue its debt purchasing portfolio company Lowell from the restructuring that many thought was imminent, with the largest slug of equity support any sponsor has injected in Europe since the coronavirus pandemic began. Covid-19 has crushed cashflows for some debt purchasers, but next year should be a bumper year for NPL buying — for those firms with cash to do so, writes Owen Sanderson.
The secondary market in Schuldscheine is rudimentary, partly as the arranging banks have never wanted to encourage it. But a little known brokerage firm is quietly acting as a go-between, helped by its contacts with non-traditional investors, writes Silas Brown.
A2A, the Italian multi-utility, pre-funded for 2021 with a €500m trade on Wednesday with what the lead claims is the lowest yield for a deal of its type, as the company prepares to unleash its new business plan that will see it printing more green and sustainability-linked debt.
Iberdrola, the Spanish energy utility, launched a €3bn dual tranche hybrid capital bond on Wednesday, as syndicate bankers say the hunt for yield is encouraging issuers to push boundaries on the amounts they raise in hybrid issues.
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