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Corporate Bonds

  • BlackRock’s Fink backs net zero, leaves responsibility to clients

    SRI / Green Bonds

    BlackRock’s Fink backs net zero, leaves responsibility to clients

    BlackRock wants to move a long way towards catching up with leading investors in its response to climate change, its CEO Larry Fink indicated in his annual letter to chief executives on Tuesday. BlackRock stopped short of setting a net zero carbon emissions target for its $8.7tr of assets under management, or committing to swift decarbonisation. But it did publish a ‘net zero commitment’ saying it would “support the goal of net zero emissions by 2050 or sooner”.

  • Will direct lenders prove to be wolves in sheep’s clothing?

    The View

    Will direct lenders prove to be wolves in sheep’s clothing?

    Direct lenders and debt funds have always pitched themselves as closer partners for businesses than banks, bondholders, or other institutional lenders. When the going gets tough, they can move faster to waive covenants and offer new money than a less concentrated creditor group. But this so called partnership also puts them in pole position to take the keys when things go wrong — which we may see happen this year.

  • ABS

    Opportunities abound in container ABS after booming 2020

    Container ABS thrived last year, setting a new issuance record after two decades. Several factors are working in favor of container ABS this year as well, including increased consumption of goods and an opportunity for containers to be used in vaccine distribution.

  • TalkTalk taps HY ahead of Toscafund takeover

    TalkTalk taps HY ahead of Toscafund takeover

    UK broadband company TalkTalk is marketing an add-on to its existing high yield notes, raising new term debt to pay down its revolver. The company is subject to a takeover bid from Toscafund and Penta Capital, which will leave the existing bonds in place, but grant them security, as well as layering in extra leverage with a PIK toggle from Ares.

  • Hyderabad airport soars in bond comeback

    Hyderabad airport soars in bond comeback

    GMR Hyderabad International Airport swooped into the bond market on Tuesday for $300m, adding money to its coffers ahead of an expectation of a revival in passenger growth.

  • Opportunities abound in container ABS after booming 2020

    Container ABS thrived last year, setting a new issuance record after two decades. Several factors are working in favor of container ABS this year as well, including increased consumption of goods and an opportunity for containers to be used in vaccine distribution.

  • Patchy demand no problem: hybrid issuance to boom

    Patchy demand no problem: hybrid issuance to boom

    Corporate bond bankers in Europe are convinced that hybrid capital issuance will continue this year at a similar blistering pace to 2020, despite some deals so far having had tepid demand.

  • BlackRock’s Fink backs net zero, leaves responsibility to clients

    BlackRock’s Fink backs net zero, leaves responsibility to clients

    BlackRock wants to move a long way towards catching up with leading investors in its response to climate change, its CEO Larry Fink indicated in his annual letter to chief executives on Tuesday. BlackRock stopped short of setting a net zero carbon emissions target for its $8.7tr of assets under management, or committing to swift decarbonisation. But it did publish a ‘net zero commitment’ saying it would “support the goal of net zero emissions by 2050 or sooner”.

  • Will direct lenders prove to be wolves in sheep’s clothing?

    Will direct lenders prove to be wolves in sheep’s clothing?

    Direct lenders and debt funds have always pitched themselves as closer partners for businesses than banks, bondholders, or other institutional lenders. When the going gets tough, they can move faster to waive covenants and offer new money than a less concentrated creditor group. But this so called partnership also puts them in pole position to take the keys when things go wrong — which we may see happen this year.

  • China property bond spree continues

    China property bond spree continues

    Three Chinese property companies announced dollar bond transactions on Monday, continuing the run of issuance seen from the high yield market since the beginning of the year.

Corporate Bonds News Archive

  • Tower Bersama pulls tap on pricing, demand mismatch

    Tower Bersama pulls tap on pricing, demand mismatch

    Indonesia's Tower Bersama Infrastructure took an aggressive pricing approach to a tap of its dollar bond on Monday. But when investor response fell short of expectations, the issuer was forced to pull its fundraising.

  • EDP and Heimstaden Bostad bring hybrid risk out of the gates

    EDP and Heimstaden Bostad bring hybrid risk out of the gates

    Europe’s corporate bond investors had the chance to pick up some paper from the hairier end of their credit spectrum as this week began, with Portuguese power company Energias de Portugal and Swedish housing firm Heimstaden Bostad out with hybrid capital issues.

  • H&F preps second fund-switch transaction with TeamSystem

    H&F preps second fund-switch transaction with TeamSystem

    Hellman & Friedman is looking to refinance the capital structure of portfolio company TeamSystem, as part of the sale of the firm from its seventh fund to its ninth, a transfer also recently completed by Verisure. Unlike Verisure, the fund switch isn’t accompanied by a monster dividend payment to the new fund, but the new deal will still jack up leverage levels.

  • Future Retail misses dollar bond payment again

    Future Retail misses dollar bond payment again

    India's Future Retail failed to make an interest payment on its dollar bonds last Friday, making it the second time it has missed a coupon on its debut notes as it struggles to overcome Covid-related woes.

  • BNP Paribas, CS and ING to cut Amazon oil financing

    BNP Paribas, CS and ING to cut Amazon oil financing

    Three of the most active banks in financing oil exports from the Ecuadorian Amazon — an environmentally destructive industry with a long track record of trampling on indigenous people’s rights — have agreed to cease important parts of their financial support, after pressure from NGOs and a devastating oil spill in 2020.

  • Sanctioned Avic pays premium for bond

    Sanctioned Avic pays premium for bond

    China's Avic International Holding Corp had to offer investors a premium for its latest dollar bond, to compensate them for the risk associated with its inclusion on a US sanctions list.

  • Investors flock to PFC for yield pickup

    Investors flock to PFC for yield pickup

    Power Finance Corp netted $500m from a bond that was printed at a negative new issue premium, but still attracted investors for the yield it offered compared to peers.

  • Aircraft lessors crowd to market after monster rally

    Aircraft lessors crowd to market after monster rally

    Companies in the same sector often copy each other, but this year's string of bond issues by aircraft lessors has been exceptional, and is prompted by the sector's credit rehabilitation. Air Lease Corp took the recovery past a new milestone this week.

  • Buyers queue down the aisle for Tesco SLB

    Buyers queue down the aisle for Tesco SLB

    Tesco, the UK grocer, made a storming debut in the nascent sustainability-linked bond market on Wednesday, encouraging bankers who already expect corporate issuance using the novel structure to rocket this year.

  • Swissie investors target quality not quantity

    Swissie investors target quality not quantity

    Swiss franc bond investors are pursuing high quality issues, with Münchener Hypothekenbank harnessing this demand to price a tap of its green preferred senior bond 12bp through fair value this week.

  • AA’s £280m bond helps rare debt-lowering LBO

    Barclays took out the bridge financing for TowerBrook and Warburg Pincus’s takeover of UK roadside assistance group The AA on Wednesday, selling a £280m five year bond at 6.5%.

  • Rekeep opens the racy end

    Italian facility management company Rekeep signalled market appetite for the spicier end of high yield this week, issuing a €350m five year non-call two at 7.25%. This will trim the company’s sky high funding costs, paying for the redemption of its 9% 2022s.

  • Bruxelles Lambert shrugs off ECB noise, issues new bond

    Bruxelles Lambert shrugs off ECB noise, issues new bond

    Groupe Bruxelles Lambert, the Belgian investment holding company, found a warm response from the bond market on Thursday, despite the potential distractions of a European Central Bank meeting being held on the same day.

  • Webuild and United spot window for opportunistic HY taps

    Two issuers spotted a window on Thursday for opportunistic high yield issues, as the Crossover index had tightened 9bp on Wednesday and there was a firm tone in other risk assets. Italian construction group Webuild launched a €150m tap of its 2025 note, launched in December, while Balkan telco United Group reopened its 2027s for €100m.

  • Santander pins corporate finance strategy on ESG

    Santander pins corporate finance strategy on ESG

    Santander reckons it can harness the power of hydrogen to boost its standing in corporate and investment banking, building on its ESG credentials in similar way to how rivals built supremacy during the internet boom, writes David Rothnie.

  • RBC promotes from within as Uden retires

    RBC promotes from within as Uden retires

    RBC Capital Markets has reorganised its European equity capital markets and corporate broking business following the decision of Darrell Uden to step down at the end of this month.

  • Perfect chemistry as investors cheer Ineos’s €4.6bn BP integration package

    Investors have enthusiastically backed a €4.6bn financing package for Ineos Quattro, funding the integration of BP’s aromatics and acetyls business into the chemicals conglomerate. Strong demand allowed the company to raise more secured debt than expected, cutting funding costs, and strip out a bank-targeted term loan ‘A’ in favour of a bigger, cheaper, institutional term loan ‘B’.

  • What price bonds in the Biden era?

    What price bonds in the Biden era?

    A new era has begun in the US, with the swearing in of Joe Biden as president. For America and the rest of the world it is a sea change in leadership style and political substance.

  • SJM gets $10bn book for $1bn bond debut

    SJM gets $10bn book for $1bn bond debut

    Macau casino operator SJM Holdings generated a $10bn-plus book for its $1bn debut bond this week, despite tight pricing and the lack of US investors. Its credit profile, the transaction’s timing and a comprehensive marketing strategy worked in its favour.

Corporate Bonds News Archive

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