• Porsche halves its spread on €280m Schuldschein return

    Porsche has launched a Schuldschein, priced at about half the spreads on its previous €1.1bn offering in March 2016.

    • 02:00 PM
  • Securelink debuts in 'attractive' Nordic HY

    As more investors from across Europe turn their attention to the Nordic bond markets, some Nordic bankers believe they can convince more European borrowers to go north, like Belgium’s Securelink, which has listed its first bond on the Oslo Stock Exchange.

    • 01:15 PM
  • Italgas takes advantage of lack of supply for tight tap

    On Tuesday, Italgas was the latest issuer to benefit from the lack of corporate bond supply so far in 2018. Investors, starved of paper, have caused order books to be multiple times oversubscribed and issuers have benefitted from tight pricing as a result.

    • 01:00 PM
  • Ollerenshaw survives Barclays cull

    A new role for Simon Ollerenshaw was announced internally at Barclays on Monday.

    • 11:00 AM
  • Fosun rides Moody’s upgrade momentum to nab $700m

    Fosun International raised $700m from two bonds on Monday, tapping an outstanding three year sold at the end of 2017 while extending its maturity profile with a new five non call three year. The deal came a week after Moody’s raised the issuer’s corporate family rating by one notch.

    • 10:30 AM
  • New issue monitor: Wijaya Karya sells Rph5.4tr Komodo bond

    Indonesian construction services company Wijaya Karya sealed a Rph5.4tr ($404.7m) offshore rupiah bond on Monday, a key deal in the opening up of the Komodo bond market.

    • 10:30 AM
  • Kospo sets strong tone for Korean dollar supply

    Korea Southern Power Co (Kospo) has priced the first public dollar bond from South Korea amid a US government shutdown. But the 144A deal saw little fallout from that. Easing tensions on the Korean peninsula, the quality of its credit and demand for short-dated paper ensured investor interest.

    • 10:00 AM
  • Keep Indonesia’s Komodo bonds caged

    Komodo bonds, the catchy term for offshore Indonesian rupiah bonds, are finally sputtering to life. The second such deal by an Indonesian company this week shows the possibilities. But don’t count your dragons before they hatch. The market will always be limited — and that’s a good thing.

    • 09:45 AM
  • T-Mobile returns to HY bond market after merger breakdown

    Volumes in the US high yield market were given a boost on Monday from a $2.5bn dual tranche deal from T-Mobile, which the mobile operator will use to refinance old debt.

    • 22 Jan 2018
  • Survey shines light on 3.29m index tally

    The Index Industry Association on Monday revealed that its members administered about 3.29m indices around the world, with more than 95% of those referencing equities.

    • 22 Jan 2018
  • Securelink, Titan emerge in cautious HY market

    Belgian cybersecurity firm Securelink and Greek cement group Titan International announced new high yield bonds totalling a combined €200m on Monday, as talk of potential spread widening grows in the European high yield bond market.

    • 22 Jan 2018
  • Pirelli gets good traction for first unrated deal of 2018

    On Monday, Italian tyre company Pirelli returned to the bond market for the first time since its IPO. With no other investment grade deals in the market, the new five year transaction saw strong investor demand and 40bp of tightening from initial price thoughts.

    • 22 Jan 2018
  • Debutante Petkim squeezes investors for $500m

    Petkim Petrokimya Holding brought the first high yield corporate trade from Turkey since 2014 last Friday, raising $500m with a sub-6% coupon.

    • 22 Jan 2018
  • Kospo kicks off year’s Korean dollar supply

    Korea Southern Power Co (Kospo) is returning to the offshore dollar bond market after almost five years, becoming the first issuer from the country to tap international investors in 2018.

    • 22 Jan 2018
  • Wijaya Karya unleashes new Komodo bond

    Indonesian construction services company Wijaya Karya began marketing an offshore rupiah deal on Monday morning, making it the second Komodo bond from the country to hit the market.

    • 22 Jan 2018
  • Crédito Real mandates for Swiss bonds

    Crédito Real, the Mexican consumer finance company, is set to debut in the Swiss franc bond market in the coming weeks.

    • 19 Jan 2018
  • First timer Petkim puts out 'punchy' price talk

    Turkish petrochemical manufacturer and debut issuer Petkim Petrokimya Holding was marketing a five year bond at what one rival banker called a “punchy” starting point on Friday.

    • 19 Jan 2018
  • Geely prices opportunistic five year tighter than SOEs

    Geely Automobile Holdings opted for price over size with its new bond, landing aggressively at the middle of the final guidance range. The tactic meant the private company funded at or even inside the levels of some similarly or higher rated state-owned enterprises (SOE).

    • 19 Jan 2018
  • Investors pump money into Tata Steel’s bonds

    Investors showed their faith in Tata Steel on Thursday, pouring money into the Indian issuer’s dual-tranche transaction, shrugging off the weak structure and aggressive pricing.

    • 19 Jan 2018
  • Chinese issuers opt for keepwell structures

    Peking University Founder Group Company and Bank of Communications Financial Leasing Co used keepwell deeds for their dollar bond sales on Thursday, paying a bit of premium for the structure.

    • 19 Jan 2018
  • Jinjiang sells year’s first euro bond from Asia

    Chinese issuers Jinjiang International Holding, China South City Holding, Guangxi Communications Investment Group Corp and Tianjin Real Estate Group Co tapped the market for euro and dollar bonds on a busy Thursday.

    • 19 Jan 2018
  • AerCap flies solo in dry January

    Aircraft leasing company AerCap was the only benchmark-sized corporate issuer in the dollar market as earnings blackouts enveloped the investment grade market in the US.

    • 18 Jan 2018
  • LeasePlan flies in hot FRN mart as industrial firms hang back

    The closest things to European corporate bond issues in euros on Thursday were a €200m sole-led issue for Deutsche Telekom, reported by Dealogic, and a €500m floater for LeasePlan, the Dutch car leasing bank.

    • 18 Jan 2018
  • Lenders joyful as jumbo M&A season begins

    Investment grade loans bankers are licking their lips as a spate of big UK M&A transactions gathered pace this week, but jumbo acquisitions rarely go smoothly and lenders have already had to adjust expectations after GKN batted away an offer from Melrose.

    • 18 Jan 2018
  • Carillion collapse rumbles through private debt markets

    The Schuldschein and US PP markets pride themselves on rigorous credit analysis, but both were caught flat-footed when UK outsourcing firm Carillion fell into liquidation this week. The likelihood of private debt investors getting their money back is slim, and the knock-on effects on both markets are being disputed, write Nell Mackenzie and Silas Brown.

    • 18 Jan 2018
  • Aroundtown first foreign commercial real estate deal in Swissies

    German property firm Aroundtown became the first issuer from its sector to raise Swiss franc debt not driven by reverse enquiry.

    • 18 Jan 2018
  • Shift underway in LBO financing, as buyers clamour for bonds

    Leveraged loans have dominated leveraged buyout financing in recent months, but high yield bonds could be poised for a comeback, say European investors. Crown Holdings, the US can maker, added to early signs of optimism with its new €1.5bn cross-border bond offering this week, writes Victor Jimenez.

    • 18 Jan 2018
  • Phosagro reopens Russian bonds with sub-4% coupon

    Russian fertiliser producer PhosAgro placed the first Russian corporate bond of the year on Wednesday, securing a coupon of below 4%.

    • 18 Jan 2018
  • LMA consults with US PP investors about new documents

    The Loan Market Association is consulting with US private placement investors about creating European PP documentation that is more similar to what they are used to — in the hope that the lenders will be more drawn to European companies as a consequence.

    • 18 Jan 2018
  • Big name Barclays MDs at risk in investment bank cull

    Barclays rolled out sweeping cuts to its investment bank on Wednesday, with around 100 jobs gone across the business, including several managing directors in the EMEA primary bonds business.

    • 18 Jan 2018
  • Bond market revival gives second chance to debut issuers

    A receptive market and generous pricing worked in favour of China’s Concord New Energy Group and Indonesia’s Sawit Sumbermas Sarana (SSMS) this week, as both managed to pull off debut dollar bonds two months after failed attempts. Morgan Davis reports.

    • 18 Jan 2018
  • Polyus Gold plans bonds after sale talk fails

    Polyus Gold has announced plans to issue a Eurobond, three days after terminating an agreement to sell a stake to Chinese investment company Fosun International.

    • 18 Jan 2018
  • Indonesia’s Tunas Baru secures maiden dollar bond sale

    Indonesia’s Tunas Baru Lampung printed its first international bond on Wednesday, a few months after attempting a transaction in Singapore dollars.

    • 18 Jan 2018
  • ‘Power of tech’ evident in Sunny’s aftermarket rally

    Sunny Optical Technology (Group) Company’s $600m bond debut tightened 15bp in the secondary market on its first day of trading, a clear sign of the rampant demand for technology credits. But despite the eye-catching tightening, even rival bankers thought the pricing was spot-on. Addison Gong reports.

    • 18 Jan 2018
  • Cheap funding lures Sonic back to ABS market

    Fast food chain Sonic Drive-In is marketing a securitization this week, with executives saying this month that they would be looking to lock in a “favorable” interest rate to refinance a 2016 deal.

    • 17 Jan 2018
  • EUROPEAN CORPORATE BOND PIPELINE

    GlobalCapital's latest information on forthcoming and planned corporate bond issues in the European market.

    • 17 Jan 2018
  • Dwr Cymru opens taps on corporate sterling market

    Dwr Cymru Welsh Water reopened the investment grade sterling corporate bond market on Wednesday with a £300m bond that came bang in the middle of the maturity range marketed during the issuer's roadshow.

    • 17 Jan 2018
  • PhosAgro puts out 'fair' guidance

    PhosAgro, a Russian phosphate-based fertiliser company, has released price guidance for a $500m 5.25 year bond that a banker away from the deal and an investor are calling “fair”.

    • 17 Jan 2018
  • Carillion contagion contained but IG awaits true test

    Investment grade loan bankers are keeping an eye on the Carillion scandal this week, though so far they are confident that the company’s failure will not impact the UK loan market beyond the banks immediately caught up in the affair. Meanwhile, leveraged debt markets in Europe are off to a roaring start to the year.

    • 17 Jan 2018
  • Second time’s the charm: Concord, SSMS find success

    China’s Concord New Energy Group and Indonesia’s Sawit Sumbermas Sarana (SSMS) sold their first dollar bonds on Tuesday, successfully completing transactions that were stymied just two months ago.

    • 17 Jan 2018
  • Unmet demand pushes Sunny 15bp tighter in secondary

    Sunny Optical Technology (Group) Company priced a tight debut bond on Tuesday, with the notes tightening a further 15bp in secondary, showing the strength of demand for the technology sector. But despite the rally, pricing was considered spot-on by market participants.

    • 17 Jan 2018
  • Shandong Saxing, Cifi build new bonds

    Chinese corn oil manufacturer Shandong Sanxing Group Company and real estate developer Cifi Holdings (Group) Co raised a combined $500m on Tuesday, adding to the growing momentum in the Asia bond market.

    • 17 Jan 2018
  • DMO head switches to investment bank

    The head of one of Europe's highest profile sovereign debt management agencies has returned to the sell side to run his new firm's investment banking business in his home country.

    • 16 Jan 2018
  • High yield investors salute riskier deals, but remain picky

    High yield borrowers were roadshowing €3bn of mostly lower rated bonds this week. Although there is appetite for riskier paper, investors say, demand is expected to be selective.

    • 16 Jan 2018
  • Carillion: the insouciance of Schuldschein

    The UK building and services company had borrowed Schuldschein loans, which are unlikely to be paid in full — and the Schuldschein market couldn’t care less.

    • 16 Jan 2018
  • Gas Natural lights up bond market with 10 year trade

    Spain’s Gas Natural came to the investment grade bond market on Tuesday for an €850m 10 year deal, with the borrower seeing almost triple demand for its notes as rumours bubbled about a potential stake sale from major holder Repsol.

    • 16 Jan 2018
  • Muoio readies exit from Jefferies levfin as Ramesh joins

    Tom Muoio, head of European leverage finance capital markets at Jefferies, who was appointed six years ago, will be leaving the bank, as former HSBC leveraged finance director Bala Ramesh joins the team.

    • 16 Jan 2018
  • Guangxi Financial lands $500m amid SOE vs LGFV talks

    Guangxi Financial Investment Group Co raised $500m from its debut on Monday — a rather large amount for a sub-investment grade government-owned Chinese credit. But the deal was priced in line with comparables, despite bankers and some accounts viewing the credit differently.

    • 16 Jan 2018
  • Crédit Agricole veteran Sodhi promoted to global DCM corporates head

    Crédit Agricole has named Atul Sodhi as head of global debt capital markets corporates, for which he will relocate from Hong Kong to Paris.

    • 16 Jan 2018
  • Cifi, Sunny, Sanxing take bids for bonds

    Three Chinese issuers are seeking fresh funding from the dollar bond market on Tuesday, with one wooing accounts for a comeback deal and the other two making their debuts.

    • 16 Jan 2018
  • Concord New Energy makes second attempt at dollar bond

    China’s Concord New Energy Group is hoping for second time lucky in the dollar bond market, opening books for a new green deal on Tuesday, about two months after a failed attempt.

    • 16 Jan 2018
  • Telefonica nine year deal connects with investors

    Expectations for a busy week in the investment grade corporate market were maintained despite only Telefonica taking advantage of good primary conditions on Monday, as it sold a benchmark nine year bond in euros.

    • 15 Jan 2018
  • Schuldschein market unfazed as Carillion sinks

    There has been little immediate impact on the broader Schuldschein market after the breakdown of talks between the UK government and Carillion’s creditors over the weekend, which has led to the UK building and services company going into liquidation.

    • 15 Jan 2018
  • Villiers to lead UK and Nordic corporate banking for MUFG

    MUFG has appointed Holly Villiers to a new role heading corporate banking for UK, Ireland and the Nordic countries.

    • 15 Jan 2018
  • Chinese issuers fuel offshore bond sale

    Chinese issuers Peking University Founder Group, Bank of Communications Financial Leasing Co, Geely Automobile Holdings and Jinjiang International Holding are meeting investors this week ahead of planned dollar and euro bond sales.

    • 15 Jan 2018
  • Nomura nabs ex-Barclays banker for DCM

    Nomura has hired veteran banker Guy Smith as head of DCM and acquisition and leveraged finance for Asia ex-Japan, effective Monday.

    • 15 Jan 2018
  • Indian, Indonesian issuers ready dollar bonds

    Tata Steel, Tunas Baru Lampung and State Bank of India are on the prowl for dollars as they kick off their annual fundraising activities.

    • 15 Jan 2018
  • Guangxi duo explore international debt market

    Two issuers from the Guangxi province of China, Guangxi Financial Investment Group Co and Guangxi Communications Investment Group Corp, are hitting the dollar bond market for funds.

    • 15 Jan 2018
  • VW places €600m SSD with single investor

    Volkswagen Financial Services has raised €600m through a Schuldschein placed with a single investor. The benchmark, which took the market by surprise, left many with more questions than answers.

    • 12 Jan 2018
  • Swedish report recommends cash for green bond issuers

    Green bond issuers could be encouraged with a payment from the government if the bond finances a reduction in carbon dioxide emissions, according to a report for the Swedish government this week.

    • 12 Jan 2018
  • Corporate bond week ahead: secondary weakness not a worry

    European rates markets suffered some volatility this week, but on a smaller scale than that experienced in the US. This did cause some widening of secondary spreads, but the sentiment around primary issuance has stayed constructive.

    • 12 Jan 2018
  • Chinese energy names nab combined $1bn

    Power Construction Corporation of China (PowerChina) and Yingde Gases Group Co each sold a $500m bond on Thursday, taking advantage of a receptive market.

    • 12 Jan 2018
  • US investors buoy Tencent’s $5bn jumbo deal

    Chinese internet company Tencent Holdings added an impressive $5bn to its coffers on Thursday from its first international bond since 2015. While pricing looked fair, what surprised the leads was the strong participation from US investors.

    • 12 Jan 2018
  • Chinese real estate trio navigate busy Thursday

    Three Chinese property companies, Jiayuan International Group, Golden Wheel Tiandi Holdings Company and SEA Holdings, have managed to meet their respective funding targets despite hitting the dollar bond market on a crowded day.

    • 12 Jan 2018
  • Petron attracts investors to $500m bond

    Philippine oil company Petron Corp seized $500m from a tightly priced perpetual bond on January 11, winning over investors with a step-up structure.

    • 12 Jan 2018
  • Green and social to drive revamped DZ Bank in DCM

    DZ Bank has overhauled its debt capital markets operation and plans to use its sustainable finance credentials to push for more international business, especially in SSAs and covered bonds.

    • 11 Jan 2018
  • Engie EUR1bn 1.5% Perp NC Apr 2023

    • 11 Jan 2018
  • US traders try to dodge 'MiFID-like' solution

    Industry members and SEC commissioners put their heads together to address the liquidity issues that face the fixed income markets in the first US Fixed Income Market Structure Advisory Committee.

    • 11 Jan 2018
  • FCA Bank EUR850m 3mE+33 Jun 2021

    • 11 Jan 2018
  • Sterling IG market ready for first deals of the year

    The sterling corporate bond market had a very strong year in 2017. So it is somewhat surprising, especially given the strength of the euro corporate bond market, that the scorecard in the sterling market remains blank. However, there have been signs of life with a pair of roadshows announced this week.

    • 11 Jan 2018
  • Vonovia sets foundation for strong week of issuance

    Vonovia, Germany’s largest housing association, may have issued the only investment grade corporate bond on Monday but, as its order books showed, conditions remained very receptive for issuance.

    • 11 Jan 2018
  • Investors get the taste for AB Inbev’s €4.25bn triple tipple

    Anheuser-Busch InBev’s last visit to the euro bond market was to help finance its $107bn acquisition of SAB Miller in 2016 and on Tuesday the world’s largest brewer returned with a smaller offering that investors were still thirsty for.

    • 11 Jan 2018
  • Tencent makes hay as supply slide spooks syndicate desks

    Chinese conglomerate Tencent brought cheer to the dollar bond market on Thursday as it tapped pent-up demand with a four-part benchmark trade that amassed a $40bn order book.

    • 11 Jan 2018
  • REWE brings first Schuldschein benchmark this year

    German supermarket group REWE International has become the first company to launch a Schuldschein deal at benchmark size this year, a sign that German blue chips may be busy in the market this year.

    • 11 Jan 2018
  • Tight FCA debut floater finds real investor appetite

    Italian auto finance bank FCA Bank was in the market on Wednesday with its first benchmark floating rate note, which was priced with no new issue premium.

    • 11 Jan 2018
  • Long tenors still flavour of the month for IG corporate issuers

    French toll road operator Autoroutes du Sud de la France on Wednesday followed the path its compatriot Orange had taken on Tuesday by issuing a €1bn 12 year bond, while Deutsche Bahn and Ren Finance on Thursday opted for the 10 year area of the curve. Investors appear keen to put their money to work at the longer end of the corporate bond curve.

    • 11 Jan 2018
  • Green demand grows as Enel drops second bond

    Italian electricity supplier Enel sold its second green bond on Tuesday, repeating the timing of its first such offering in 2017, which it also sold in the second week of the year. The latest deal was the same size, but priced tighter and won a larger order book, despite having a longer maturity.

    • 11 Jan 2018
  • Hybrids find new low as Engie goes with green variation

    Multi-tranche and green bond issuance returned to the investment grade corporate bond market on Tuesday, leaving just the hybrid asset class untouched in 2018. That didn’t last long, as Engie and Aroundtown launched new hybrid deals on Wednesday morning, one of which set new lows for coupons and spreads.

    • 11 Jan 2018
  • Puma Energy Holdings USD750m 5% Jan 24

    • 11 Jan 2018
  • CORPORATE BOND PRICED DEALS TABLE 2018

    GlobalCapital's list of European corporate bond issues in euros and sterling, with links to stories about the deals.

    • 11 Jan 2018
  • Optimism in Euro PP market as heavier weights return

    Euro private placement issuance has dwindled in the past few years as larger companies have found cheaper funding elsewhere. But a flurry of chunky transactions late in 2017, including two from prestigious family holding companies, has led some to dream big for the year ahead.

    • 11 Jan 2018
  • Telefonica Deutschland launches Schuldschein using blockchain

    Telefonica Deutschland launched a €200m Schuldschein on Thursday, which included a €50m one year tranche that was placed using blockchain technology.

    • 11 Jan 2018
  • Zoopla opens HY market with its first bond

    UK property website operator Zoopla announced the first deal of 2018 in the European high yield market this week, a sub-benchmark sized bond in sterling.

    • 11 Jan 2018
  • Deutsche Bahn and Ren tap 10 year demand

    State owned German rail operator Deutsche Bahn steamed back into the investment grade corporate bond market on Thursday, choosing an unusual maturity that was still well received by investors. The same applied to Ren Finance, which brought a sub-benchmark 10 year deal following a roadshow earlier in the week.

    • 11 Jan 2018
  • IL&FS cooks up first HY dim sum since 2016

    India’s IL&FS Transportation Networks sold a Rmb900m ($138.21m) offshore renminbi bond on Wednesday, making it the first high yield issuer to seal a deal in the market in more than 16 months.

    • 11 Jan 2018
  • Real estate issuers pay up to seal bond deals

    Chinese property companies bombarded the dollar market this week in an attempt to use their regulatory issuance quotas and seal deals before Chinese New Year. But with more borrowers expected to vie for investor attention, issuers will need to navigate the market carefully — and be ready to pay up. Morgan Davis reports.

    • 11 Jan 2018
  • ICTSI entices investors with fixed-for-life perp

    International Container Terminal Services, a Philippine port operator, sold a fixed-for-life perpetual bond on Wednesday, braving the market despite US Treasury volatility shaking investors’ nerves.

    • 11 Jan 2018
  • LGFV supply starts strong as Zhongyuan Yuzi nabs $300m

    Zhongyuan Yuzi Investment Holding Group Co sold the first offshore bond from a Chinese local government financing vehicle (LGFV) on Wednesday, pricing it 15bp inside analysts’ fair value estimates.

    • 11 Jan 2018
  • Tencent, Petron in the mix on seven-bond Thursday

    A slew of Chinese issuers are wooing dollar bond investors on Thursday, as Philippine company Petron Corp also competes for buy-side attention.

    • 11 Jan 2018
  • REWE brings first Schuldschein benchmark this year

    German retail group REWE International has become the first company to launch a Schuldschein at benchmark size this year, a sign that German blue chips may be active in the market this year.

    • 10 Jan 2018
  • Engie green offering breaks Danone’s records as hybrids return

    On Tuesday multi-tranche and green bond issuance returned to the investment grade corporate bond market, leaving just the hybrid asset class untouched in 2018. That didn’t last long, as Engie and Aroundtown launched new hybrid deals on Wednesday morning, one of which set new lows for the product's coupon and spread levels.

    • 10 Jan 2018
  • Long tenors and FRNs still flavour of the month for corporates

    On Wednesday French toll road operator Autoroutes du Sud de la France followed the path its compatriot Orange had taken on Tuesday by issuing a €1bn 12 year new issue. Meanwhile Italian auto finance bank FCA Bank was also in the market with its first benchmark floating rate note.

    • 10 Jan 2018
  • IG investors happy to see supply but HY investors less so

    Traditionally, January causes investors the headache of trying to keep up with the number of deals coming to market. This January however, it was starting to look like investors may have had the opposite problem.

    • 10 Jan 2018
  • Greater China property companies build offshore momentum

    Dollar investors had plenty of Chinese property bonds to choose from this week, with four issuers competing for their attention on Tuesday. But with no end in sight to the pipeline, companies will have to navigate the market carefully, or cough up a premium for their bonds.

    • 10 Jan 2018
  • Puma pulls in $750m with early pounce

    Puma Energy made a strong start for non-financial corporate issuers on Monday, making full use of investor familiarity with the credit — and some excess cash — to make its $750m market return.

    • 10 Jan 2018
  • US private placements to get green bug

    The trend for green debt issuance is set to touch the US private placement (PP) market this year, bringing yet another segment of the debt capital markets within its ambit.

    • 10 Jan 2018
  • PhosAgro markets dollar bond

    PhosAgro, a Russian phosphate-based fertiliser company, is embarking on a series of investor meetings to market a five to seven year dollar bond.

    • 10 Jan 2018
  • ICTSI jump starts Philippine dollar bond market

    Philippine company International Container Terminal Services (ICTSI) opened books for a fixed-for-life dollar perpetual bond on Wednesday, making it the first issuer to take advantage of the country’s ratings upgrade last month.

    • 10 Jan 2018
  • Chinese supply continues to dominate Asia DCM

    Chinese issuers BOSC International, a local government financing vehicle from Henan, Lai Fung Holdings and Hilong Holding are in the market with new deals on a busy day for issuance.

    • 10 Jan 2018
  • IL&FS returns for dim sum bond

    India’s IL&FS Transportation Networks launched an offshore renminbi bond on Wednesday morning, following Westpac Banking Corp’s opening of the dim sum market earlier this week.

    • 10 Jan 2018
  • Tencent prepares for Thursday bond outing

    Chinese technology giant Tencent Holdings is taking feedback from global investors for a 144A/Reg S transaction, and is looking to hit the market on Thursday morning.

    • 10 Jan 2018
  • Green demand grows as Enel drops number two

    Italian electricity supplier Enel sold its second green bond on Tuesday, repeating the timing of its first such offering in 2017, which it also sold in the second week of the year. The latest deal was the same size, but priced tighter and won a larger order book, despite printing with a longer maturity.

    • 09 Jan 2018
  • Investors imbibe €4.25bn AB InBev triple trancher after dry 2017

    The world's largest brewer Anheuser-Busch InBev’s last visit to the euro bond market was to help finance its $107bn acquisition of SAB Miller in 2016 and on Tuesday the issuer returned with a smaller offering that investors were still thirsty for.

    • 09 Jan 2018
  • Investors happy with juice in new 12 year Orange deal

    French telecoms operator Orange sold a new 12 year trade on Tuesday and paid a low new issue premium for the €1bn deal. The deal was one of three that priced on Tuesday, but only seven new issues for the year so far, meaning investors are keen to put their money to work.

    • 09 Jan 2018
  • Jacquet Metal Service enters Schuldschein market for second helping

    Jacquet Metal Service, the French steel construction and distribution company, has launched its second Schuldschein, aiming it at Asian and European commercial banks.

    • 09 Jan 2018
  • Bankers confident of success as Puma Energy returns

    Puma Energy has returned to the debt markets to redeem its outstanding 2021s and in doing so will provide investors with a nice lump of cash to reinvest in a new offering of debt.

    • 09 Jan 2018
  • Regional Capital Markets Awards Part III: Bonds

    In the third instalment of our 2017 awards, we present the full write-ups of the winners of the Best Local Currency Bond, Best High Yield Bond, Best Financial Bond, Best SSA Bond, Best Investment Grade Bond, Best Project Finance Deal, Best Bond, Best G3 and Local Currency Bond House, and Best High Yield Bond House.

    • 09 Jan 2018
  • GEA hopes ratings will pull institutions to Schuldschein return

    GEA Group, a maker of equipment for the food processing industry in Düsseldorf, has launched a €150m dual tranche Schuldschein, hoping to attract a wide variety of investors.

    • 09 Jan 2018
  • Longfor Properties solidifies IG and sector appeal

    Investors lapped up Longfor Properties Co’s $800m bonds on Monday, in a vote of confidence not just for the investment grade rated Chinese company but also the broader property industry.

    • 09 Jan 2018
  • PowerChina, BOSC International to meet investors for bonds

    Power Construction Corporation of China (PowerChina), Bank of Shanghai subsidiary BOSC International Company and financial services firm Guangxi Financial Investment Group Co are testing investor appetite for new bonds.

    • 09 Jan 2018
  • Greater China property companies target dollar investors

    Property companies Country Garden Holdings Co (CoGard), Times Property Holdings, Tahoe Group Co and Wharf Real Estate Investment Company hit the dollar debt market in force on Tuesday.

    • 09 Jan 2018
  • Scope claims that troubled issuers will put SSD investors off

    Scope Ratings, a rating agency in Berlin, has warned that Schuldschein issuance may fall as a consequence of the 2017 credit difficulties of international borrowers Carillion and Steinhoff International.

    • 08 Jan 2018
  • Sterling IG market stirs

    Surprisingly, given the strength of the corporate bond market, no euro mandates or roadshows were announced on Monday other than Vonovia's €1bn deal, which was completed intraday. However, the sterling market has finally flickered into life.

    • 08 Jan 2018
  • Vonovia stands alone in strong market

    Vonovia, Germany’s largest housing association, may have sold the primary market's only investment grade corporate bond on Monday but as its order books showed, conditions remain very receptive for issuance.

    • 08 Jan 2018
  • EM bullish as corps push ahead of sovs

    Two corporate issuers are making early moves into the capital markets this year without waiting for sovereign issuers to establish benchmarks, showing the strength of funding conditions in emerging market debt, said bankers.

    • 08 Jan 2018
  • Turkish corporate prepares ground for debut

    Petkim Petrokimya Holdings, the largest petrochemical company in Turkey, has received approvals to issue an international bond of up to $500m.

    • 08 Jan 2018
  • Puma Energy readies dollar bond sale

    Singapore’s Puma Energy Holdings began speaking with investors on Monday ahead of a new dollar bond issuance that will redeem its existing 2021s.

    • 08 Jan 2018
  • Unrated Yankuang scores $300m from tap

    Chinese state-owned coal miner Yankuang Group Company wrapped up the first week of 2018 with a quick tap of its debut bond, raising $300m on Friday.

    • 08 Jan 2018
  • CoGard-led real estate trio market bonds

    Country Garden Holdings Company (CoGard) and SEA Holdings are planning their comebacks to the offshore debt market, while Wharf Real Estate Investment Co is set to test its luck with accounts for the first time.

    • 08 Jan 2018
  • Longfor rolls out dual tranche dollar deal

    Longfor Properties Co returned to the dollar market on Monday for its second investment grade deal in six months.

    • 08 Jan 2018
  • Sovereigns could star in growing Nordic green bond market

    Bankers expect further fast growth in Nordic green bond issuance in 2018, including a good chance of sovereign deals, with Sweden a leading candidate.

    • 05 Jan 2018
  • PSP first corp off the blocks in Swiss mart

    PSP Swiss Property, rated A- by Fitch, tapped its April 2026 Swiss franc bond last Friday, opening the market for corporate issuance in 2018. The deal doubled the bond's size to Sfr200m ($204.93m).

    • 05 Jan 2018
  • Corporate bond week ahead: light pipeline despite lots of investor cash

    Three investment grade corporate bond deals priced this week, building strong order books and paying minimal new premiums. However, the pipeline for the first full week of January contains just one roadshow. Some syndicate bankers are not that surprised though.

    • 05 Jan 2018
  • Citic starts year with $750m trade

    Chinese conglomerate Citic became one of the first movers in the dollar debt market this week, raising $750m from a dual-tranche bond on Thursday.

    • 05 Jan 2018
  • IL&FS raises curtain on 2018 dim sum market

    India’s IL&FS Transportation Networks is laying the groundwork for the first offshore renminbi bond of the year, mandating banks on Friday.

    • 05 Jan 2018
  • Provincial LGFV Zhongyuan Yuzi preps for debut

    Zhongyuan Yuzi Investment Holding Group Co, a local government financing vehicle in China’s Henan province, is sounding out investors for its inaugural dollar bond.

    • 05 Jan 2018
  • Yankuang Group keeps investors busy with tap

    Chinese state-owned coal miner Yankuang Group Company is making a swift comeback to the debt market after its debut just over a month ago, looking to add to its existing three year. Guangzhou R&F Properties Co, meanwhile, sold a quiet $100m tap on Thursday at a slight discount to the original notes.

    • 05 Jan 2018
  • Lai Sun subsidiary markets dollar bond

    Property developer Lai Fung Holdings will kick off a roadshow next week for a new dollar bond.

    • 05 Jan 2018
  • ICTSI to lead year’s southeast Asia bond supply

    Philippine company International Container Terminal Services (ICTSI) will meet investors in Asia and Europe next week for a senior guaranteed perpetual bond.

    • 05 Jan 2018
  • Dollar market storms into new year

    The dollar market picked up where it left off in 2017 with tight pricing and bulging order books as borrowers hit the ground running.

    • 04 Jan 2018
  • German blue chips mull Schuldschein comeback

    The Schuldschein pipeline is filling up fast, and German blue chips, mostly absent last year, are considering returning with benchmark deals, bankers said this week. If so, the Schuldschein market will look to add these chunky transactions to a repeat of last year’s heavy deal flow.

    • 04 Jan 2018
  • IG market rampant despite QE end rumblings

    Corporate bond market participants show little sign of caring about the end of European quantitative easing and the danger that presents to their market — which has arguably been the sector most affected by the policy. Nigel Owen reports.

    • 04 Jan 2018
  • German blue chips mull Schuldschein comeback

    The Schuldschein pipeline is filling up fast, and there are rumours that German blue chips, mostly absent last year, are considering returning with benchmark transactions. If that is the case, the Schuldschein market will look to add these chunky transactions to a repeat of last year’s heavy deal flow.

    • 04 Jan 2018
  • Daimler follows Renault’s lead with floater

    Given the success of the corporate bond market's opening deals of the year, it was perhaps surprising that only one issuer came to market on Thursday, but Daimler achieved similar success to the RCI Banque Wednesday deal that it copied.

    • 04 Jan 2018
  • Fedrigoni’s €700m LBO tipped among coming HY debuts

    The visible deal pipeline of the European high yield bond market is expected to end the week empty, but the list of potential new borrowers keeps growing. Speciality paper manufacturer Fedrigoni is the latest.

    • 04 Jan 2018
  • Asia opens year with green bond after record-breaking 2017

    Will 2018 be yet another record year for Asia’s green bond market? The signs were good this week. Swire Properties chose the format for the region’s first dollar bond of the year. Addison Gong reports.

    • 04 Jan 2018
  • Yingde Gases tees up deal to meet looming maturity

    China’s Yingde Gases Group Co has mandated banks for its first dollar bond sale in more than three years.

    • 04 Jan 2018
  • Citic launches dual tranche trade

    Chinese conglomerate Citic began marketing a dual tranche dollar bond on Thursday morning, nearly a year after its last debt sale.

    • 04 Jan 2018
  • Corporate Debt: Flickers of hope across Europe as M&A stars align

    The perennial dream of the investment grade loan market is a large company looking for finance to back its jumbo acquisition. With lenders flush with cash, borrowers confident and growth returning to Europe, this year might turn that wish into reality, writes Silas Brown.

    • 03 Jan 2018
  • Corporate Debt: Private debt — a borrower’s market

    Private debt is in vogue. US private placements and Schuldscheine — with a little help from Euro PPs — racked up roughly $100bn-equivalent of new issuance for companies in 2017. They should beat that in 2018. But with demand outweighing supply, investors have to stretch to accommodate borrowers, writes Silas Brown.

    • 03 Jan 2018
  • Corporate Debt: Levfin optimistic for revival in leveraged buy-outs

    As Europe’s economy regains its long lost momentum, private equity firms are at last expected to start putting more of their unprecedented mountain of dry powder to use in 2018. Signs are already there of PE firms making bigger bangs with leveraged buy-outs, and if that continues, levfin investors will cheer the flow of new debt that results. Victor Jimenez reports.

    • 03 Jan 2018
  • Corporate Debt: High yield’s problem — where are the debutants?

    The high yield market is struggling to attract new issuers. Some believe the more flexible documentation on loans and alternative lending are luring debut leveraged debt issuers away. Could high yield lower its requirements to attract them back in 2018? Unlikely. But it can still find first time borrowers among companies unafraid of disclosure. Victor Jimenez reports.

    • 03 Jan 2018
  • Corporate Debt: How many investment banks does it take to sell a bond?

    Corporate bond issues in Europe with eight or nine bookrunners have become commonplace. The trend is symptomatic of title inflation — originally there was one bookrunner among two or three lead managers — and of the care with which companies share out their ‘wallet’ of ancillary business to relationship banks. For the banks it means having to do a lot more deals to earn the same money — and having to contend with an unwieldy syndicate. As Nigel Owen reports, at least the market is competitive, but when conditions get trickier, issuers may want more streamlined teams.

    • 03 Jan 2018
  • Theme for 2018: Capital markets brace for blockchain breakthrough

    When the shadowy figure known as Satoshi Nakamoto launched bitcoin in 2009, few predicted that the technology underpinning it would, in a few short years, be hailed as an invention as important as the internet. Capital markets are on the front line for disruption, writes Lewis McLellan.

    • 03 Jan 2018
  • Theme for 2018: Debt and derivatives players set out on long road away from Libor

    It is six months since Andrew Bailey, head of the UK financial regulator, set the clock ticking on a transition from the London interbank offered rate to an alternative. But if credible replacements are to be ready by his 2021 deadline, there is still a mountain of work to do. Ross Lancaster explores the risks of phasing out the old benchmark and asks if it could yet survive.

    • 03 Jan 2018
  • Theme for 2018: Survival of the fittest as MiFID II burdens derivatives players

    Five years after being pushed on to trading venues in the US by the Dodd-Frank Act, over-the-counter derivatives players are beating a similar path in Europe, under the Markets in Financial Instruments Directive II. Most people think MiFID II has been a worse experience, and will make it harder for small players. But efficiency gains may follow. Ross Lancaster reports.

    • 03 Jan 2018
  • Theme for 2018: Banks stumble through Brexit fog to new plans, in London or not

    Banks and other financial firms operate in complex lattices of regulation. But for any firm based in the UK and operating internationally, Brexit means they have no idea what regulations will apply, come March 2019. They cannot afford to do nothing, yet do not know what to plan for. As Nigel Owen reports, the response has been to plan for every scenario, including relocation from London.

    • 03 Jan 2018
  • Theme for 2018: Who will win from MiFID II in fixed income?

    MiFID II rips up the market rulebook — and replaces it with a whole bookshelf of new rulebooks. Entire divisions have worked flat out to get ready for the regulation’s official start on January 3, and it’s certain to overturn the established competitive order. Nell Mackenzie looks at the winners and losers.

    • 03 Jan 2018
  • Theme for 2018: Children of the resolution — lessons from Banco Popular

    Banco Popular’s failure is likely to go down as a successful first case for the Single Resolution Board, but the process has raised big questions about transparency, liquidity support and capital. Learning from these issues is going to be crucial for the future of European bank supervision. Tyler Davies reports.

    • 03 Jan 2018
  • Theme for 2018: Are European banks ready to go back on the offensive?

    2017 saw some serious capital raising by European banks. Four European globally systemic banks, in four monster rights issues, raised more than €30bn — partly to deal with non-performing loans and partly to reclaim their places in global investment banking and capital markets. Even banks that did not turn to the equity markets sought to conserve capital — but is 2018 the year when belts will start to be loosened again? Owen Sanderson reports.

    • 03 Jan 2018
  • Theme for 2018: Can there be QE tapering without the tantrums?

    The era of quantitative easing is ending. The benefits for the real economy will be hotly debated. But for the capital markets the key question will be how investors react to the withdrawal of official money printing and the inevitable rise in volatility, writes Ralph Sinclair.

    • 03 Jan 2018
  • Theme for 2018: Radical US tax reform could change the corporate landscape

    Economic conditions are ripe for the mergers and acquisitions that drive capital markets. Into this mix comes a potential US tax reform more radical than any for decades. This is bound to tilt boardroom decisions about strategy — if nothing else, US CEOs could suddenly have more cash back at HQ than they know what to do with. Jon Hay and Sam Kerr report.

    • 03 Jan 2018
  • The GlobalCapital debt capital markets survey: banks expect to make money and hire

    Heads of debt capital markets at 20 of the top investment banks shared their thoughts on how they see 2018 with GlobalCapital in December. Almost all banks are optimistic about business prospects, especially for financial institutions and SRI issuance — though they expect spreads to widen. European politics has slipped down their list of worries, but asset bubbles have risen to the top. Research by Toby Fildes and Ralph Sinclair, graphics by Sam Medway and Jon Hay

    • 03 Jan 2018
  • Editor's overview: MiFID II — enforcing virtue, risking sterility

    MiFID II might qualify as one of the wonders of the modern world. At 1.5m paragraphs, including all its appendages, it swathes a blanket of mind-numbing verbiage around activities that were once fast and exciting.In that sense, it is the embodiment of modern financial markets and of modernity itself. By Jon Hay.

    • 03 Jan 2018
  • Editor's overview: China is coming — faster than you think

    The big beneficiary of the US’s international fatigue will be China. And China is more than ready to take advantage. By Toby Fildes.

    • 03 Jan 2018
  • Editor's overview: M&A — with EU growing, the recipe is complete

    Unlike recent years, when the M&A pie has turned out more lukewarm than piping hot, this year has one extra crucial ingredient: really convincing European growth. By Toby Fildes.

    • 03 Jan 2018
  • Editor's overview: The end of Pax Americana — twilight of the West or Europe’s opportunity?

    As Donald Trump leads the US's retreat from the world, how will global capital markets react to this tilting of the landscape? Some see an opportunity for Europe and its banks. Others see a hastening of the inevitable rise to global influence of other powers — above all China, but also Russia and India — and perhaps even, in its own region, the newly assertive Saudi Arabia. By Toby Fildes.

    • 03 Jan 2018
  • Editor's overview: Brave old world — life after QE

    As central banks beat their retreat from bond markets and press on with raising rates, normalisation is a word capital markets could well come to despise in 2018. By Toby Fildes.

    • 03 Jan 2018
  • 2017 Bond Deals of the Year: Corporates

    In 2017 the continuation of the ECB’s Corporate Sector Purchase Programme helped dampen volatility in the corporate bond market, allowed spreads to continue a long grind tighter and persuaded a diverse range of issuers to access the market. Debut issuers took advantage of some of the best ever conditions for issuance, while others returned after many years.

    • 03 Jan 2018
  • Autos get IG bond market into gear with low premiums

    Investment grade corporate bond market players only had to wait one day for the first new deals of 2018. Renault and BMW both brought new paper to market on Wednesday, selling a total of €2.75bn of bonds with little premium.

    • 03 Jan 2018
  • IG investors don’t want to miss short term gains with long term wariness

    The lack of volatility combined with the continual grind tighter of spreads of investment grade corporate bonds meant investors in the asset class enjoyed good returns in 2017. Similar conditions look set to prevail at the start of 2018, but investors need to maintain vigilance.

    • 03 Jan 2018
  • Citic lays groundwork for return to dollars

    Chinese conglomerate Citic has named banks to lead its first dollar bond sale of the year.

    • 03 Jan 2018
  • Swire Properties kicks off 2018 supply with green bond

    Swire Properties is set to become Asia ex-Japan's first issuer of international bonds in the new year, opening books for a 10 year dollar green deal on Wednesday morning.

    • 03 Jan 2018
  • Relief, but no MiFID II boom for Schuldschein

    Whether MiFID II will affect the Schuldschein market is often discussed in Frankfurt. As collections of bilateral loans, Schuldscheine are exempt from the regulation — leading some to predict a boon for the asset class. But the optimism in some quarters is overdone.

    • 02 Jan 2018
  • Premium Schuldschein? Institutional lenders ready their pitch

    Institutional lenders have participated in the Schuldschein market for decades. But as the market heats up, their offering of long-dated lending with a need for financial covenants has become less sought after. Now the institutions are working out ways to return.

    • 02 Jan 2018
  • ICE bags Virtu Bondpoint trading platform for $400m

    Intercontinental Exchange on Tuesday announced that it had completed its acquisition of fixed income trading platform BondPoint from specialist liquidity provider Virtu Financial for $400m.

    • 02 Jan 2018
  • Schuldschein market limbers up for busiest first quarter

    Bankers are predicting the busiest first quarter on record, as the year ahead looks set to reflect the momentum of the last.

    • 02 Jan 2018
  • 2017 Bond Deals of the Year: Emerging Markets

    For CEEMEA bonds, 2017 was a record breaking year and one which pushed the boundaries of product, tenor, and issuer. The $200bn of bonds raised in CEEMEA, and the $140bn raised in Latin America are the highest annual volumes on record. Investors’ seemingly insatiable appetite for EM debt fuelled massive inflows into the asset class and kept the many idiosyncratic risk events – from Qatar’s regional isolation to deteriorating relations between Turkey and the US– contained. Picking out the deals of the year for 2017 was not easy for GlobalCapital’s editorial team, but after much deliberation the below were chosen.

    • 02 Jan 2018
  • Syndicates raring to go as corporate market looks for hot start

    Syndicate managers in the corporate bond market are back at their desks and ready to get the year off to a fast start, with few thinking the start to 2018 will be any different to January of last year.

    • 02 Jan 2018
  • China’s SF Holding, Geo-Jade Petroleum plot new bonds

    Chinese logistics services provider SF Holding Co and upstream oil and gas firm Geo-Jade Petroleum Corp are planning to sell dollar bonds this year.

    • 02 Jan 2018
  • Swire Properties eyes new green bond

    Hong Kong’s Swire Properties is gearing up to become one of the first offshore bond issuers of the year, taking feedback from the market for a potential dollar-denominated green deal.

    • 02 Jan 2018
  • Shandong Chenming Paper prepares dollar debut

    China’s Shandong Chenming Paper Holdings is ready to start the new year with its first dollar bond issuance.

    • 02 Jan 2018

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 6,571.35 36 6.34%
2 Bank of America Merrill Lynch 5,728.88 36 5.53%
3 Citi 5,430.43 41 5.24%
4 HSBC 5,212.98 36 5.03%
5 BNP Paribas 4,994.98 27 4.82%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 2,505.33 10 10.40%
2 UniCredit 1,973.31 7 8.19%
3 Bank of America Merrill Lynch 1,666.37 6 6.91%
4 Mitsubishi UFJ Financial Group 1,577.41 6 6.55%
5 ING 1,477.05 5 6.13%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 553.99 4 8.96%
2 Credit Suisse 511.12 5 8.26%
3 BNP Paribas 472.73 3 7.64%
4 Barclays 413.98 4 6.69%
5 JPMorgan 409.23 3 6.62%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 2,178.82 15 9.29%
2 Citi 2,107.81 16 8.99%
3 Morgan Stanley 2,006.20 12 8.55%
4 Bank of America Merrill Lynch 1,559.21 15 6.65%
5 Deutsche Bank 1,550.60 9 6.61%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 2,459.18 9 9.61%
2 UniCredit 1,892.23 6 7.39%
3 Bank of America Merrill Lynch 1,585.30 5 6.20%
4 Mitsubishi UFJ Financial Group 1,577.41 6 6.16%
5 ING 1,477.05 5 5.77%