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  • Empty primary drives IG corporate secondary surge

    Empty primary drives IG corporate secondary surge

    The secondary market for defensive European corporate bonds is on fire, now that new issuance has slowed, but there are growing fears that the rampant rise of coronavirus cases in the US will lead to a correction.

  • Shimao jumps at 10yr tenor for new bond

    Shimao jumps at 10yr tenor for new bond

    Shimao Group Holdings offered bond investors a rare 10 year tenor from the Chinese property industry, pricing the $300m deal inside of fair value.

  • Barclays’ hires Panmure Gordon’s ex-IB head

    Barclays’ hires Panmure Gordon’s ex-IB head

    John Muncey has joined Barclays as vice-chairman of its consumer retail group (CRG) in Europe and the Middle East, while Jamshed Kakalia has been promoted to lead the consumer business in that team.

  • Investors flock to SIPG's $1bn bond

    Investors flock to SIPG's $1bn bond

    A rally in Hong Kong and China’s equity markets on Monday buoyed sentiment among debt investors too. They pumped in orders of more than $10bn into Shanghai International Port (Group) Co’s dollar bond at the peak.

  • UK universities ‘tricky to read’ for capital markets investors

    UK universities ‘tricky to read’ for capital markets investors

    Investors in UK universities are struggling to work out just how risky the sector is, as its lucrative international student intake as well as pension liabilities are still unclear. A report published by the Institute for Fiscal Studies (IFS) on Monday estimated that 13 universities may go bust if they do not either carry out debt restructurings or receive government bailouts.

Corporate Bonds News Archive

  • Moncler finds fit for sustainability loan

    Moncler, the Italian skiing jacket maker, has signed a sustainability-linked revolving credit facility for up to €400m, continuing the trend towards more environmentally friendly practices from the infamously wasteful fashion industry.

  • Cepsa and Merlin open ‘opportunistic’ IG issuance period

    Cepsa and Merlin open ‘opportunistic’ IG issuance period

    Spanish issuers were out in Europe’s corporate bond market on Monday, with Cepsa and Merlin Properties raising debt, as bankers and analysts expect a few weeks of “opportunistic” issuance in the run-up to earnings blackouts.

  • Wuhan Dangdai returns with tap

    Wuhan Dangdai returns with tap

    Wuhan Dangdai Science & Technology Industries (Group) Co chose a quiet Friday for deal flow to raise $200.5m from a tap.

  • Crunch time coming for Europe’s corporates

    Crunch time coming for Europe’s corporates

    Europe’s high grade corporate debt bankers say that early September will be an inflection point in the market. The full effects of the coronavirus pandemic will be on display in corporate earnings and the direction for their investment plans will be clearer.

  • Critical hedge fund sees better way to do ESG

    Critical hedge fund sees better way to do ESG

    Environmental, social and governance investors have been patting themselves on the back this year because their funds have tended to outperform during the coronavirus crisis. But a San Francisco hedge fund believes they are doing a poor job of shielding investors from the general risk of the stockmarket and more quantitative methods would improve the outcome.

  • Rhätische Bahn sells second ever Swiss franc deal

    Rhätische Bahn sells second ever Swiss franc deal

    Unrated Swiss private railway operator Rhätische Bahn, owner of the UNESCO World Heritage-listed Bernina railway, made its second stop in the Swiss franc bond market this week, four years after its debut deal.

  • Deutsche sees investors’ interest in ESG fading

    A survey by Deutsche Bank this week challenged the consensus that investors' interest in environmental, social and governance funds has been intensified by the coronavirus crisis. On the contrary, it argues: appetite has weakened.

  • Deutsche Bahn steams into niche

    Deutsche Bahn steams into niche

    Deutsche Bahn tapped the Kangaroo and Swedish kronor markets on Wednesday after having spent the first half of 2020 focused on the euro market.

  • Covenants prove a wrinkle in PP battle with public debt

    Covenants prove a wrinkle in PP battle with public debt

    After discussions with US private placement holders, French food services company Sodexo has said it will repay roughly $1.6bn of debt early, in the largest ever early repayment of US PPs. It is a result of tensions that have flared up during the pandemic over covenant protections, which some fear will lead to a drop in corporate PP deal flow.

  • Hilong’s exchange offer fails to avoid default

    Hilong’s exchange offer fails to avoid default

    A long-running attempt by Chinese oil company Hilong Holding to complete an exchange offer on a dollar bond has failed, after it confirmed a default this week. The situation has caused analysts to speculate on how it could have executed its deal better. Alice Huang reports.

  • National Grid hits market as better mood returns

    National Grid hits market as better mood returns

    National Grid Electricity Transmission, the UK power transmission company, was out with a dual tranche trade on Thursday, including the first test of the conventional sterling benchmark market in more than a month.

  • AMS pays up after investigation news trips up takeout

    AMS pays up after investigation news trips up takeout

    AMS had to discount its bond by an extra point and pay a higher coupon in the face of lower demand as it looked to fund the takeover of light maker Osram, after news broke last Thursday of a potential investigation into the company’s executives. That forced bookrunners to reopen the deal and take another swing at the market this week.

  • Retailer launches refi with billionaire brothers’ backing

    Retailer launches refi with billionaire brothers’ backing

    UK discount chain B&M Value Retail has launched a £350m senior secured bond and a £300m term loan to refinance its whole capital structure — with help from the Arora brothers, the largest shareholders in the company, who will subscribe for £100m of the bond through their vehicle SSA Investments.

  • Fiat Chrysler continues funding drive with €3.5bn bond

    Fiat Chrysler continues funding drive with €3.5bn bond

    Fiat Chrysler Automobiles, the Italian-American crossover-rated car company, launched €3.5bn of bonds into the market on Tuesday, days after its Italian arm had agreed €6.3bn of bailout funds guaranteed by Italy.

  • Styrolution bonds dip as market mulls cost of BP acquisition

    Styrolution bonds dip as market mulls cost of BP acquisition

    BP’s announcement that it was selling $5bn of assets to Ineos — a sale the already leveraged group will fund largely through new debt — put selling pressure on existing Ineos debt on Monday; particularly that issued by its Styrolution unit, which will be the acquirer in the BP deal.

  • Sodexo pays back $1.6bn of US PPs early

    Sodexo pays back $1.6bn of US PPs early

    After discussions with US private placement holders, French food services company Sodexo has said it will repay roughly $1.6bn of debt early. Four market sources said this was the largest corporate early repayment of US PPs of all time. Some fear a growing disconnect between institutional investors and companies over financial covenants, and attempts to amend them.

  • Mercialys pricing poser shows difficulty of gauging market

    Mercialys pricing poser shows difficulty of gauging market

    Mercialys, the BBB rated French shopping centre owner, launched a sub-benchmark bond with an eye-catching yield on Tuesday, wider than a simultaneous deal by Fiat Chrysler, which is crossover-rated. Syndicate bankers said trying to be precise about pricing and sentiment this week was more difficult than it had been for months.

  • TKE underlines the toxicity of the covenant wars

    TKE underlines the toxicity of the covenant wars

    ThyssenKrupp Elevator (TKE) is a deal of superlatives: the largest European high yield debut, the largest European LBO in over a decade, the last LBO before coronavirus, the most levered debut industrial, and the worst-ever covenant package — or at least, it was at first. Three days after launching the bond leg of the deal, the sponsors and leads capitulated, erasing almost every controversial term in the docs — perhaps the largest ever retreat and the biggest investor victory in the long-running war over bond covenants. But it’s too soon for investors to celebrate, as the episode only highlights how damaging this conflict has become.

  • No clear market direction as IG corporates line up deals

    No clear market direction as IG corporates line up deals

    Europe’s high grade bond market provided some mixed indications of sentiment on Monday with the deals for Takeda and SEE seeing notable differences in demand, leaving syndicate bankers trying to work out what this means for what is expected to be a busy week of issuance.

  • Hasty UK insolvency law gives unequal rights to creditors

    Hasty UK insolvency law gives unequal rights to creditors

    The UK’s new insolvency law came into force on Friday, and lawyers have been spending the weekend picking through its 250 pages to understand the implications. While some have welcomed it, others pointed out that in its haste to push it through Parliament, the government has introduced several changes that skew the balance between various kinds of lenders which hitherto had been treated equally.

Corporate Bonds News Archive