• HOME
  • CORPORATE BONDS

Corporate Bonds

 GlobalCapital Bond Awards 2020

  • Asian bond issuers set frenetic pace

    Asian bond issuers set frenetic pace

    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.

  • Permira digs deep to recap Lowell as NPL expectations build

    Permira digs deep to recap Lowell as NPL expectations build

    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 uses tried and tested structure for $325m outing

    ReNew Power uses tried and tested structure for $325m outing

    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.

  • Transition bonds: not so sustainable after all

    Transition bonds: not so sustainable after all

    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.

  • Investment grade corporate spreads forecast to widen

    Investment grade corporate spreads forecast to widen

    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.

Corporate Bonds News Archive

  • Getlink offers green bond refi after waiving term loan covenants

    Getlink offers green bond refi after waiving term loan covenants

    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.

  • Euro bond indices break records despite stuttering recoveries

    Euro bond indices break records despite stuttering recoveries

    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 preps rare royalty-backed bond for Delek

    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 breaks utilities’ silence in private placements

    Quadgas breaks utilities’ silence in private placements

    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.

  • Closing primary window prompts leveraged credit rush

    Closing primary window prompts leveraged credit rush

    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.

  • MUFG hires levfin banker to lead capital markets

    MUFG hires levfin banker to lead capital markets

    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.

  • Central banks and climate change: Lagarde becomes leader

    Central banks and climate change: Lagarde becomes leader

    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

  • HY welcomes new packaging firm ditching PP debt

    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 comes through tough day almost unscathed

    Ewe comes through tough day almost unscathed

    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.

  • Doorstep lender IPF seeks easier covenants

    Doorstep lender IPF seeks easier covenants

    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.

  • £14bn book firms up Rolls-Royce rescue plan

    £14bn book firms up Rolls-Royce rescue plan

    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 gives investors a break from China bonds

    SMC gives investors a break from China bonds

    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.

  • Veolia and Cellnex dial in crossover rated trades

    Veolia and Cellnex dial in crossover rated trades

    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.

  • Investors pour into Asahi acquisition refi bond

    Investors pour into Asahi acquisition refi bond

    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.

  • L&G offers HA Bernicia lengthy debt

    L&G offers HA Bernicia lengthy debt

    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.

  • Enel prints first sterling SLB

    Enel prints first sterling SLB

    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.

  • Putting the 'K' in capital markets

    Putting the 'K' in capital markets

    The coronavirus crisis will continue to lead to divergence in economic fortunes, and that will play out in European capital markets as well.

Corporate Bonds News Archive

High Yeld

Hybrid