The European Commission wants to develop new non-financial reporting standards that will compel EU companies to publish more information about the risks they face from climate change and other sustainability issues.
Essity, the hygiene and health products company spun off by Sweden's SCA in 2017, slipped into the bond market with a €300m no-grow 10 year issue on Tuesday.
The UK's National Grid followed up early January’s well-received green bond debut with a pair of green bond MTNs from a subsidiary, printing in currencies it rarely visits.
Intermediate Capital Group, the UK alternative asset manager rated BBB by Fitch, is in the market for a seven year euro bond on Tuesday, according to two bankers away from the deal.
Czech lottery giant Sazka hit the road again on Monday, marketing €300m of seven year senior unsecured notes.
Telefonica, the Spanish telecomunications company, issued senior and hybrid bonds in euros on Monday, a horrendous day for markets, but it still managed to pay just small or negative price concessions relative to its secondary curve.
Jens Lindqvist and Brough Ransom have moved from N+1 Singer to Investec to cover healthcare.
Olaf Diaz-Pintado has been named head of Goldman Sachs’s cross markets group for Europe, the Middle East and Africa, while the bank has appointed new regional heads for its financial and strategic investors group.
Romanian telecoms giant Digi is marketing an €800m bond, offering investors exposure to risky but fast-growing Eastern European economies. Digi is joining the long list of companies taking advantage of exceptionally favourable refinancing conditions in European high yield.
Indorama Ventures, a petrochemicals company headquartered in Bangkok, has mandated banks to raise Schuldscheine via a European subsidiary, according to several people familiar with the situation. The deal is a further sign of the instrument's growing popularity in East Asia.
Emerging market bond bankers were keeping their pipelines dry on Monday as fears about the new coronavirus stymied new issuance. But mandates still appeared, as Vodafone Ukraine signalled a roadshow for dollar bonds.
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Mexico’s largest airline Aeromexico will begin meeting fixed income investors on Monday as it plots what would be its first ever international bond issue.
The Green Bond Principles organisation has gone public with its plans to set up a working group on sustainability-linked bonds. It will be charged with working out whether the GBP should issue guidance on the new structure — a move that would ensure the GBP remains relevant as the sustainable finance market changes.
US blue chips started to emerge from earnings blackouts this week and print tightly priced dollar bonds, as spreads continued to grind tighter.
Credit Suisse has streamlined its investment banking and capital markets operation (IBCM) and is confident that it will return to form after a chastening 2019, writes David Rothnie.
A pair of investment grade issuers made rare appearances in niche currency bond markets this week. Deutsche Telekom returned to the Swiss franc market after a 10 year absence, while Hitachi Capital UK made its debut in rand.
Southeast European telecoms group United Group, a BC Partners and KKR portfolio company, is marketing an all-bond financing package for its takeover of Bulgaria’s Vivacom, marketing new senior secured bonds and an add-on to its existing 2025 PIK notes.
Altice France jumped into one of the busiest weeks on record for European leveraged loans and high yield issuance, issuing €2.1bn of bonds and simplying the group’s capital structure. Despite the complexities of the exchange, eager buyers showed up for the bond, taking down Caa1/CCC+ debt at just 4%.
European high grade corporate bond investors are feeling the strain of minuscule spreads, and are pinning their hopes for relief on a surge in issuance at the end of this quarter.
The risk that huge amounts of oil and gas assets will be stranded by moves to tackle the climate emergency may be more pertinent for sovereign credit than for private sector corporate debt, according to new research.
High yield bonds are back on top as the capital markets funding tool of choice for leveraged companies. This week, Techem tweaked its loan repricing to add a heavy bond slug and take advantage of near-record low coupons on offer. That sets 2020 up with a very different tone from the past two years, when an ever-growing CLO market meant bonds struggled to compete with loans, writes Owen Sanderson.
Samhällsbyggnadsbolaget i Norden (SBB), the Swedish social infrastructure and residential property investment company, launched a hybrid capital bond on Thursday, offering investors the chance to pick up junk rated paper from an investment grade issuer.
Green bond volumes reached a record level in 2019 and market participants think the sector is poised for another blow-out year. Korea South-East Power Co (Kosep) and ReNew Power Private gave a further boost to Asia’s growing green bond market this week, selling $750m of notes between them. Morgan Davis reports.
Several US private placement agents have told GlobalCapital that their market is finally starting to take sustainable financing seriously. But while there is an evident buzz, most feel that anything tangible, such as pricing advantages prompted by dedicated environmental, social and governance-focused funds, is still far off.
UK flooring company Victoria issued a €170m add-on to its €330m of outstanding 5.25% senior secured notes, due in 2024. The royal carpet maker successfully issued its debut bond last summer after failing at the first attempt in 2018 in a horribly timed launch.
Altice France has jumped into one of the busiest weeks on record for European leveraged loans and high yield issuance, announcing €2.1bn of bonds, alongside an exchange designed to simplify the group’s capital structure.
Samhällsbyggnadsbolaget i Norden (SBB), the Swedish social infastructure and residential property investment company, has mandated banks to lead a €500m no-grow perpetual non-call 5.25 year hybrid capital bond issue. Bankers off the trade expect it to fly.
Thales, the French defence company, sold a €500m bond on Wednesday that appears to have been priced with no new issue premium, or even at a fraction inside its curve, in a corporate bond market heavily weighted in borrowers’ favour.
Olaf Diaz-Pintado has been named head of Goldman Sachs’s cross markets group for Europe, the Middle East and Africa, while the bank has appointed new regional heads for its financial and strategic investors group.
The UK's National Grid followed up early January’s well-received green bond debut with a pair of green bond MTNs from a subsidiary, printing in currencies it rarely visits.
Intermediate Capital Group, the UK alternative asset manager rated BBB by Fitch, is in the market for a seven year euro bond on Tuesday, according to two bankers away from the deal.
The UK's National Grid followed up early January’s well-received green bond debut with a pair of green bond MTNs from a subsidiary, printing in currencies it rarely visits.
UPC, part of Liberty Global’s European telecoms empire, is marketing dollar- and euro-denominated term loan Bs in order to pay off $1.14bn issue of 5.375% senior secured notes. The refinancing follows only a few months after Sunrise cancelled its takeover of UPC's Swiss business — to the disappointed of Liberty.
Telefonica, the Spanish telecomunications company, issued senior and hybrid bonds in euros on Monday, a horrendous day for markets, but it still managed to pay just small or negative price concessions relative to its secondary curve.
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 12.44 | 66 | 7.58% |
| 2 | BofA Securities | 10.67 | 53 | 6.50% |
| 3 | Citi | 9.61 | 61 | 5.85% |
| 4 | Barclays | 7.18 | 45 | 4.37% |
| 5 | Credit Suisse | 6.24 | 39 | 3.80% |
| Rank | Lead Manager | Amount $bn | No of issues | Share % |
|---|---|---|---|---|
| 1 | JPMorgan | 2.01 | 11 | 7.11% |
| 2 | Deutsche Bank | 1.87 | 10 | 6.64% |
| 3 | SG Corporate & Investment Banking | 1.59 | 10 | 5.63% |
| 4 | Citi | 1.44 | 9 | 5.11% |
| 5 | Santander | 1.34 | 9 | 4.76% |
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