• Lantmännen launches Schuldschein as market heads North

    Swedish agricultural co-operative Lantmännen launched a €100m dual currency Schuldschein on Friday, as the Schuldschein product makes ground in the Nordic region.

    • 23 Feb 2018
  • Fund managers back Redco’s short-dated note

    Redco Properties Group priced an opportunistic transaction on Thursday, raising a larger-than-expected $300m. Unlike some other 364-day deals, its transaction saw strong support from real money accounts.

    • 23 Feb 2018
  • Far East Horizon doubles up with dollars and renminbi

    Chinese leasing firm Far East Horizon was one of the first issuers to reopen the international bond market after a lull of more than a week, raising $300m from a dual-currency transaction on Thursday. But it was forced to pay up for the dollar portion due to lingering volatility in the market.

    • 23 Feb 2018
  • US borrowers go long amid short-end sell-off

    The dollar high-grade calendar snapped back to life on Wednesday and Thursday, but bankers remain cautious as a significant uptick in rates will severely test pricing levels and investor appetite.

    • 22 Feb 2018
  • Evidence builds of tighter green bond pricing

    A new study of green bond pricing has stopped short of saying that green bond issuers can generally expect to get tighter new issue premiums. But the report’s lead author did say: “Green bond buyers can’t expect to receive a new issue premium — that is itself quite a bold statement.”

    • 22 Feb 2018
  • US debt drive to boost SSAs but rock IG market

    The US government’s agreement to remove the country’s debt ceiling early in February has left the buy-side waiting for a wave of issuance from the US Treasury. But as opportunities arise for investors, one has warned that the public may end up seeing the bond market as “the bad guys” as rising yields help public sector borrowers but hinder corporates in the front end of the dollar curve. Nigel Owen and Craig McGlashan report.

    • 22 Feb 2018
  • Technology seen as key to growth for European PP markets

    The use of technology to drive down the cost of issuance could boost the growth of private debt markets across Europe, said a report commissioned by the Capital Markets Union (CMU) published on February 16.

    • 22 Feb 2018
  • French properties prove fashionable for investors

    French property companies were in vogue this week as Icade sold its fourth corporate bond in two years, further extending its redemption profile, while Mercialys, the firm spun off from supermarkets group Casino, saw its sub-benchmark deal 2.5 times oversubscribed.

    • 22 Feb 2018
  • Sterling on the rise in US PP market

    US private placement investors are becoming more comfortable with buying sterling tranches, which bankers said will drive pricing down for borrowers.

    • 22 Feb 2018
  • Cov conversation noisier in high yield market

    Traditional high yield investors have taken advantage of a quiet primary market to raise their complaints about default protection covenants becoming too weak. But its translation into spreads is yet to be seen.

    • 22 Feb 2018
  • HY investors should pay to parlay

    European high yield bond investors are up in arms at being asked to pay to be members of the European High Yield Association (EHYA), a division of industry body, the Association for Financial Markets in Europe (AFME). They should pay up, if not shut up.

    • 22 Feb 2018
  • ALD reaping benefits of IPO with €800m bond deal

    French car leasing company ALD printed its largest ever bond deal when it issued an €800m three year floating rate note this week, just three months after it had printed a similar but smaller deal. Chief financial officer Gilles Momper said the success of the deal was helped by the company’s IPO in 2017.

    • 22 Feb 2018
  • Grand City builds solid double fronted extension to much acclaim

    Grand City Properties, the German residential property firm, printed eight and a half year Swiss franc bonds on Wednesday, and also sold a new nine year in euros on Monday alongside a tender for some outstanding bonds and convertibles.

    • 22 Feb 2018
  • Scania struggles for traction but known names take the right road

    The sterling investor base can be stubborn one not listened to, as Swedish truck and bus manufacturer Scania found to its detriment when it launched its debut deal in the currency this week. Gatwick Airport and London & Quadrant had better receptions.

    • 22 Feb 2018
  • Ukrexim set to print hryvnia Eurobond

    State Export-Import Bank of Ukraine has wrapped up investor meetings for an internationally cleared hryvnia bond with the deal expected to generate plenty of interest.

    • 22 Feb 2018
  • Grand City enters Swiss market

    Grand City Properties, the German residential property firm, printed eight and a half year bonds on Wednesday, in the second foreign real estate deal in Swissies since 2013.

    • 22 Feb 2018
  • They think it's Moldova, it is now: Trans-Oil offering not so slick

    Trans-Oil, a Moldovan agro-industrial firm, failed to generate enough interest in its debut bond offering on Wednesday, becoming the second CEEMEA issuer in as many weeks to fall foul of tougher market conditions.

    • 22 Feb 2018
  • Pipeline prepares primary for post-pause pick-up

    Corporate bond syndicate managers have been surprised and disappointed that the pace of issuance evident at the start of the week has not continued, but the existence of a material pipeline for the first time this year is giving them some cause for optimism.

    • 22 Feb 2018
  • HY's hiatus breaks as Faurecia leads refis back

    Borrowers have broken the 10 day spell without a deal in the European high yield market, and are coming back with refinancing deals. Faurecia, the French car parts manufacturer, opened the new batch with a refinancing deal on Thursday.

    • 22 Feb 2018
  • Chinese issuers return to the bond market

    Chinese issuers are back following the Lunar New Year break. Far East Horizon and Redco Properties Group are both wooing bond investors, effectively reopening the dollar debt market in Asia.

    • 22 Feb 2018
  • Jacquet Metal Service successful in Schuldschein market

    Jacquet Metal Service, the French steel parts and distribution company, has raised €150m with its second Schuldschein.

    • 21 Feb 2018
  • Sterling investors prove to be no pushovers as issuance returns

    After four euro new issues in two days, the sterling market took its chance for a day in the spotlight as two issuers chose to bring new deals while euro borrowers remained on the sidelines. However, despite the recent lack of issuance, investors pushed back on spreads being tightened.

    • 21 Feb 2018
  • Sterling investors happy to be back in the game

    Before this week, sterling corporate bond investors had had just four new issues to consider in 2018, but by Wednesday this had increased by three. Sterling investors have a reputation for not getting carried away with sentiment, but they have been pleased to see the increase in activity.

    • 21 Feb 2018
  • Moldova’s Trans-Oil opens with chunky 10% handle

    Moldova’s Trans-Oil opened books on the first ever Eurobond from the country on Wednesday, but the small size is likely to mean it flies under the radar of most investors.

    • 21 Feb 2018
  • Sprint sells $1.5bn HY bond, clarifies ABS legal confusion

    Wireless carrier Sprint sold a larger than expected $1.5bn eight year high yield bond on Tuesday. The company also clarified that its outstanding spectrum-backed ABS bonds do not conflict with covenants on its existing high yield bonds, before an anticipated new slug of paper from the securitization shelf.

    • 20 Feb 2018
  • Milbank hires two levfin lawyers from Shearman & Sterling

    As Europe’s leveraged finance markets return to growth, Milbank, Tweed, Hadley & McCloy has added Apostolos Gkoutzinis and Rebecca Marques as partners to its leveraged finance and capital markets team.

    • 20 Feb 2018
  • Astorg's SGG seeks debt to buy First Names as levloans swell

    SGG Group, the corporate and investor services firm based in Luxembourg and owned by Astorg, will fund its acquisition of UK peer First Names in the leveraged loan market, which has already enjoyed its busiest January ever in EMEA.

    • 20 Feb 2018
  • GlobalCapital Bond Awards Poll — vote now!

    We are excited to announce that the GlobalCapital Bond Awards Poll is now open.

    • 20 Feb 2018
  • Amundi to take top spot in sustainability ratings

    Oekom Research, the sustainability ratings agency, has given only 7% of the asset managers and securities brokerages it assessed a prime rating, in an unpublished report seen by GlobalCapital.

    • 20 Feb 2018
  • Temenos likely to borrow for £1.4bn swoop on Fidessa

    Temenos, the Swiss banking software company, is in advanced discussions about an all cash offer for Fidessa, the UK trading technology firm, for around £1.4bn, which is likely to involve some debt issuance.

    • 20 Feb 2018
  • VIEW: The Schuldschein market should mind its manners

    The Schuldschein market's reputation as a gentlemanly club is at risk of diverging from reality. Competition is becoming fiercer and arrangers are employing every weapon in their armouries to win mandates. This is how capital markets behave — but the Schuldschein market should not follow.

    • 20 Feb 2018
  • French pair keeps triple-B run going with €1.1bn haul

    French issuers ALD and Mercialys continued the triple-B theme of the week in the investment grade corporate bond market when the pair announced new deals on Tuesday. These followed three BBB+ rated credits on Monday.

    • 20 Feb 2018
  • Corporate bonds back with a bang and a bit more premium

    For the first day this year since January 10, investors had a choice of three benchmark new issues in the investment grade corporate bond market. All three issuers were BBB+ rated, but the variety of tenors and spreads meant none of the deals were directly competing. However, new issue premiums have increased after the recent bout of volatility.

    • 19 Feb 2018
  • REWE reaches €1bn in Schuldschein market

    German supermarket group REWE has doubled its initial target size of €500m, becoming the first corporate in 2018 to place a €1bn Schuldschein loan.

    • 19 Feb 2018
  • Icade lines up four in a row beyond Olympics

    French property company Icade saw the announcement that the 2024 Olympic Games will be held in Paris as a positive for its portfolio in the French capital. On Monday it sold its fourth corporate bond in two years, creating a steady redemption profile beyond the date of the Games.

    • 19 Feb 2018
  • Investors enjoy speedy boarding after early signal of Gatwick deal

    On Monday, the UK’s second busiest airport, Gatwick, sold its largest bond deal to date with a £300m 30 year trade. Investors were ready for the transaction after Moody’s announced its initial rating for the company the previous week.

    • 19 Feb 2018
  • ZSE to bring refi bond

    Slovakia’s largest distribution operator Západoslovenská energetika (ZSE) has named two banks to arrange a new euro deal of a medium maturity.

    • 19 Feb 2018
  • Grand City continues its extension plans

    In July 2017, German property company Grand City Properties announced a tender of its 2021 bonds alongside a new nine year issue. On Monday it repeated the process, offering to buy what remained of the 2021 bond it didn’t buy in July and adding a tender for its 0.25% 2022 convertible bonds.

    • 19 Feb 2018
  • UniCredit names Kupfer Germany CIB boss

    Veteran UniCredit banker Jan Kupfer, will now head corporate and investment banking in Germany for the firm, following Michael Diederich's move to the role of country chairman and chief executive of UniCredit’s German entity. Diederich’s move was announced by the bank in November.

    • 19 Feb 2018
  • Daimler steers dollar supply back on course

    Daimler led three corporate dollar issuers on Thursday as the market stabilised and high grade credits showed their resilience after a stop-start week.

    • 15 Feb 2018
  • ‘Unprecedented’ fund outflows as US high yield suffers

    The US high yield market is hunkering down, with skittish investors pulling a record amount of cash for the sector this week while the proportion of investors shorting high yield exchange traded funds hits a post-crisis high. David Bell reports.

    • 15 Feb 2018
  • EC reports sees potential for growth of private debt across Europe

    A report published on Friday and commissioned by the Capital Markets Union (CMU) locates countries that are well placed to match the domestic success of the French euro private placement (PP) and German Schuldschein instruments.

    • 15 Feb 2018
  • HY investors lead pushback, but momentum evasive

    Investors in Europe’s leveraged finance markets have started to fight for better pricing and deal terms. But a lack of supply is playing in borrowers' favour.

    • 15 Feb 2018
  • High yield at crossroads after investor row with trade body

    Investors want the Association for Financial Markets in Europe (Afme) to bulk up their fight against loose high yield bond terms. Afme wants high yield investors to pay a fee for the first time. With borrowers only now tentatively coming back after an unusual risk off pause, this week’s confrontation between Afme and some investor members will add uncertainty to new deal pricing, said market participants.

    • 15 Feb 2018
  • Juicy Beni Stabili premium may concern some issuers

    Beni Stabili printed a “gutsy” investment grade corporate trade at the start of the week. The BBB- rated Italian firm managed to attract investors despite plenty of background noise, though bankers said it may send other prospective issuers mixed messages.

    • 15 Feb 2018
  • Sixt sells carbon copy for latest biennial bond issue

    German car rental and leasing company Sixt sold just the second corporate bond issue of the week when it copied the format of its four previous deals, which the company has sold at two year intervals.

    • 15 Feb 2018
  • Moody’s Gatwick rating fuels new issue hopes

    Gatwick Funding has received its first rating from Moody’s for its £5bn-equivalent multicurrency MTN programme, prompting investors to expect a new sterling issue from the UK airport group soon.

    • 15 Feb 2018
  • Rate rises on horizon credited for Euro PP surge

    The euro private placement market is seeing volumes rise to the highs reached in 2013-2015 as corporates push ahead with funding in the hope of beating European Central Bank interest rate rises expected later this year.

    • 15 Feb 2018
  • Unilever Spreads’ €7bn LBO ready for ‘wobbly markets’

    Bookrunners will start marketing the financing for KKR’s buyout of Unilever’s spread business as soon as next week, with the European high yield bond and the leveraged loan market both braced for supply.

    • 14 Feb 2018
  • GTLK pulls deal, blames market volatility

    GTLK, Russia’s state transport leasing company, on Tuesday postponed its dollar Reg S seven year amortising bond, blaming “broader market volatility” for the move. But investors looking at the note said the postponement was more a sign of the buyside becoming more discerning.

    • 14 Feb 2018
  • ECB buying is keeping net IG issuance negative

    The European Central Bank’s corporate sector purchase programme maintained its rate of purchasing in the first six weeks of 2018, which helped support spreads through the recent period of volatility in global markets.

    • 14 Feb 2018
  • Inflation the focus for IG corporate bond investors

    The bond markets have been muted in their response to last week’s equity market volatility. Corporate bond investors did not suffer the heavy losses or wild intraday swings their equity peers had endured, leaving them to focus back on fundamentals.

    • 14 Feb 2018
  • Non-call events weigh on market watchers as rates rise

    A Chinese company’s decision to pay an extra 300bp in coupon to defer payments on its onshore perpetual notes has not only shocked the domestic bond market, but also inevitably raised concerns offshore. Bankers and investors are now paying much closer attention to the onshore/offshore dynamics.

    • 14 Feb 2018
  • 3i aims to replicate Refresco success with Royal Sanders acquisition

    Sources have said 3i plans to follow a buy-and-build approach with the newly acquired Royal Sanders, the Anglo-Dutch personal care product manufacturer. The strategy would mirror its successful expansion of drinks bottling company Refresco, which sparked a bounty of deals in the high yield and leveraged loan markets.

    • 13 Feb 2018
  • Ronshine squeezes $100m tap through narrow window

    Ronshine China Holdings became the only Asian issuer to sell a dollar bond this week in the run-up to Chinese New Year. But the company ended up bagging a mere $100m from its tap, despite rumours it was eyeing as much as $225m.

    • 13 Feb 2018
  • EM portfolios post biggest outflows in 14 months

    After a buoyant January, emerging markets took a hit this month, with volatility leading to the biggest outflows seen in more than a year. But this is likely to be just a short-term blip.

    • 13 Feb 2018
  • Wabco tests Schuldschein water for US supply

    Wabco Europe BVBA, an industrial equipment supplier with headquarters in Brussels, has launched a €200m inaugural Schuldschein. The deal is guaranteed by Wabco Holdings, a company listed on the New York Stock Exchange.

    • 12 Feb 2018
  • Photos from the Syndicated Loan and Leveraged Finance Awards 2017

    GlobalCapital revealed the winners of its Syndicated Loan and Leveraged Finance Awards 2017 at its 15th Annual Loans Dinner on Wednesday. Banks and borrowers from all over the EMEA region attended the dinner at the new venue of Gibson’s Hall in Bishopsgate, London.

    • 12 Feb 2018
  • Ronshine tap offers glimmer of activity before CNY

    Those bankers and investors who hoped for a small burst of activity before Chinese New Year were left disappointed on Monday, when Ronshine China Holdings became the only issuer from Asia ex-Japan to launch a dollar bond.

    • 12 Feb 2018
  • Nostrum takes out $400m for refi

    Nostrum Oil & Gas, the Kazakh independent oil and gas company listed in London, nipped into a busy bond market on Thursday to raise $400m to complete the refinancing of its bonds due 2019.

    • 09 Feb 2018
  • Corporate bond week ahead: Corp bonds stand firm amid equity turmoil

    The corporate bond market has stayed away from the eye of this week’s equity market correction storm, so far. Despite the enhanced volatility, €5.75bn of corporate bonds were priced. While none of the nine tranches have given investors much performance yet, equally, none have yet really underperformed.

    • 09 Feb 2018
  • Funding arbitrage encourages Sinochem to cook up dim sum

    Sinochem Hong Kong (Group) Company has raised Rmb1bn ($158m) from a dim sum bond, reviving the sector for corporate issuers from the Mainland. Although market sentiment was not ideal, the issuer still managed to achieve a ‘good saving’ compared to both its onshore funding level and the likely funding cost it would face with a dollar deal.

    • 09 Feb 2018
  • Golden Energy pays Asia’s highest bond coupon this year

    Indonesia’s Golden Energy and Resources nabbed $150m from a visit to the bond market but the market volatility cost the company, forcing it to pay the highest coupon for a dollar bond in the region so far this year.

    • 09 Feb 2018
  • Fantasia secures $300m as refi pressure builds

    Fantasia Holdings Group Co managed to take advantage of a stock market rebound that proved to be short-lived on Thursday, raising $300m from a 364-day trade. The company has around $1.6bn of onshore and offshore bonds maturing in the coming months, but managed to convince investors it has a plan to deal with this looming maturity risk.

    • 09 Feb 2018
  • US IG bonds hold firm amid the carnage

    The US high grade bond market remained open for business through the market sell-off this week, underlining its resilience.

    • 08 Feb 2018
  • Corporates mull options hedge in new life under IFRS 9

    Corporates have been considering using options to hedge their FX exposure ever since the International Financial Reporting Standard 9 came into effect this year. But interest has been slower to build than some experts had expected.

    • 08 Feb 2018
  • Duo makes seven from Russia this year, blasts away US Treasury fears

    Credit Bank of Moscow and Domodedovo Airport (DME) brought the total Eurobond tally of Russian issuers this year to seven this week. Those latest two issuers jumped in shortly after Directive 1 sanction fears were quashed by the US Treasury.

    • 08 Feb 2018
  • Reits on rise in private debt markets

    Real estate investment trust (Reit) issuance is rising in private debt markets, as spreads compress and borrowers look to lock in long term debt before expected interest rate rises.

    • 08 Feb 2018
  • RusHydro opens Eurorouble bond market to take Rb20bn

    RusHydro, the Russian hydroelectric power generator, issued the first local currency Eurobond of 2018 with a three year note on Thursday. Bond bankers said that internationally cleared local currency bonds would gain increasing traction this year.

    • 08 Feb 2018
  • Entertainment One completes Mark Gordon funding

    UK media company Entertainment One has tapped its outstanding 6.875% bonds due 2022 for £70m ($97.6m), as the company looks to snap up the remaining stake in the television studio Mark Gordon Company that it does not already own.

    • 08 Feb 2018
  • Deutsche makes MD and director cuts, blasts Birmingham DCM

    Deutsche Bank plans to put up to 40 bankers at director level and above in its EMEA investment banking division at risk of redundancy, including the bank's co-head of FIG DCM, GlobalCapital understands. Several of those put at risk were based in Birmingham, including the bank’s head of Europe-US private placements.

    • 08 Feb 2018
  • DBahn makes quick return to extend euro curve

    State owned German rail operator Deutsche Bahn had a clear run at the euro investment grade corporate bond market on Thursday when it decided to sell its second bond of the year in the currency. The 15.5 year tenor it opted for extended its existing debt curve.

    • 08 Feb 2018
  • Reverse Yankees set to step up hit rate

    American issuers old and new enjoyed the benefits of the euro investment grade corporate bond market in 2017. In comparison, 2018 has been very quiet so far, but some bankers do not expect that situation to remain for much longer.

    • 08 Feb 2018
  • UU shows sterling market unaffected by volatility

    United Utilities became the third UK corporate issuer to sell a sterling bond in 2018, when it printed a seven year deal 24 hours later than initially planned. The company held an investor call on Monday, but then paused for a day due to global markets' volatility, before launching the deal on Wednesday.

    • 08 Feb 2018
  • Novartis suffers no equity hangover for long bonds

    A plunge in global stock prices at the start of the week only closed the European investment grade corporate bond market for a day before Novartis attracted €6.5bn of combined demand for a triple tranche offering.

    • 08 Feb 2018
  • Unilever overcomes volatility to print record size triple trancher

    Anglo-Dutch consumer goods company Unilever has become known in the corporate bond markets for its multiple tranche deals. Its latest deal is its third such trade in the last three years, and investors showed they still have plenty of appetite for the name, helping the company print its largest ever deal, despite market turmoil in the US.

    • 08 Feb 2018
  • Lull in SSD deals as market digests January flurry, and considers the threat of unrated bonds

    There is a hiatus in the Schuldschein new issue market, as the slew of transactions launched in January are weighed up and processed before settlement dates. Amid the calm, Schuldschein bankers are beginning to question whether the unrated bond market is a threat.

    • 08 Feb 2018
  • First ever Moldovan corporate bond mandated

    Moldovan agro-industrial holding company Trans-Oil Group is looking to make its capital markets debut. The deal will be the first ever from a Moldovan corporate, and the first chance investors have had to buy Moldovan risk since 1997.

    • 08 Feb 2018
  • DBahn extends its range with second euro stop in two months

    State owned German rail operator Deutsche Bahn had a clear run at the euro investment grade corporate bond market on Thursday when it decided to sell its second bond of the year in the currency. The 15.5 year tenor the issuer opted for extended its existing debt curve.

    • 08 Feb 2018
  • RusHydro gains momentum in Eurorouble

    RusHydro, the Russian hydroelectric power generator, kicked off local currency Eurobonds for 2018 with a three year note on Thursday. DCM bankers said that internationally cleared local currency bonds will gain increasing traction this year.

    • 08 Feb 2018
  • Israel Electric cuts through vol to price with zero NIP

    Israel Electric (IEC) shrugged off any concerns of contagion from the equity market rout earlier this week to print $1bn with no new issue premium on Wednesday.

    • 08 Feb 2018
  • GLP ‘surprised’ market with BRI Panda pricing

    GLP has raised Rmb1.2bn ($191m) from a nine year Panda bond on the Shenzhen Stock Exchange. The size of the Belt and Road branded deal was expanded, surprising some in the market.

    • 08 Feb 2018
  • Heavy Asia bond pipeline looms after market rollercoaster pushes issuers to the sidelines

    Stock market volatility quickly spread to bonds this week, bringing Asia’s dollar bond market to a near standstill. The hold-up has started to ease and issuers are preparing deals again, but the blip has created a backlog of bond issues that will flood the market after Chinese New Year. Morgan Davis reports.

    • 08 Feb 2018
  • Fujian, Shangrao LGFVs snap up combined $500m

    Local government financing vehicles (LGFVs) from Fujian and Jiangxi braved the offshore debt market this week, after share prices across Asia and the US recovered from a bout of volatility. The two companies raised $500m between them.

    • 08 Feb 2018
  • Volatility clips US high yield wings

    Equity market turmoil has brought the US high yield market down from exuberant levels, but some investors have welcomed the move and are confident that primary market activity will soon pick up, despite one borrower scrapping a deal on Tuesday.

    • 07 Feb 2018
  • UU pays tight premium to take sterling count to three

    United Utilities became the third corporate issuer to sell a sterling bond in 2018, when it printed a seven year deal 24 hours later than initially planned. The company held an investor call on Monday, but then paused for a day due to global markets' volatility, before launching the deal on Wednesday.

    • 07 Feb 2018
  • Israel Electric on track with dollar deal

    Israel Electric revised pricing downwards on its 10.5 year bond issue on Wednesday as it looks to push out its curve.

    • 07 Feb 2018
  • Pharma pair dispel IG market jitters with bumper books

    The plunge in global stock prices has only caused the European investment grade corporate bond market to close for one day. On Wednesday, two pharmaceutical companies from different ends of the the ratings spectrum brought multi-tranche deals which attracted more than €9.5bn of combined demand.

    • 07 Feb 2018
  • Investors see sell-off as an opportunity rather than a worry

    The focus of most debate in financial markets this week has fallen on whether the equity market sell-off was merely a correction or something longer lasting and more serious. The corporate bond market, however, has viewed it all in a much more sanguine way.

    • 07 Feb 2018
  • Sunshine breaks through clouds to close $165m tap

    Sunshine 100 China Holdings became the first Asian issuer to turn to the international bond market this week, tapping a three non-call two year bond as other issuers shied away from the market following a global collapse in stock prices.

    • 07 Feb 2018
  • Three brave Asian bonds as sentiment shifts

    Three Asian debt issuers launched dollar bonds on Wednesday, taking advantage of a respite from the market turmoil that all but shut the debt market earlier this week.

    • 07 Feb 2018
  • The HLEG’s report: L’union fait la force

    In the week Belgium announces its first green bond roadshow, the national motto (Eendracht maakt macht in Dutch) aptly captures the real importance of the European Commission’s new roadmap on sustainable finance, which lays out a panoply of actions Europe could take to green its financial system. That is: unity makes strength.

    • 06 Feb 2018
  • Adding financial steel to Italy’s economic backbone

    Italy’s large companies had a bumper 2017 in the bond markets but they are well known names with investment grade ratings. What about the backbone of the Italian economy — how are the SMEs that form the supply chains of larger companies finding finance as the country emerges from its long economic winter and seeks out stable growth? By Nigel Owen.

    • 06 Feb 2018
  • Where next for Italian corporate bond issuers after a stellar 2017?

    What is the outlook for 2018 for Italy’s corporate borrowers, after a year in which old and new names came to the bond markets with great success? Some of Italy’s most important treasury teams met GlobalCapital to discuss the prospects for the year ahead. Funding teams and investment bankers shared their views on the state of the local and international economies, how they are finding access to capital markets and what the future holds as the ECB tapers its corporate sector purchase programme and investors adjust to a new era of normalisation.

    • 06 Feb 2018
  • Italia SpA casts off the taint of the crisis years

    Italy’s biggest corporate bond issuers such as Enel and ENI have been agile players right through the crisis years. Spreads were turned upside down and companies traded inside the sovereign. Many still do, but Italy’s corporate bond market has changed greatly. The group of issuers has swelled and they have gone far beyond merely securing market access, to considering how to optimise their funding with a range of instruments, from liability management to green bonds. Nigel Owen reports.

    • 06 Feb 2018
  • European levfin on hold amid own bouts of risk aversion

    Global stock markets have been hit with volatility in recent trading sessions, but European primary leveraged finance markets had already slowed down as investor pressure grew around Algeco’s €1.4bn deal and UK retailer New Look’s performance.

    • 06 Feb 2018
  • Citi plonks recent hire on to HY trading throne

    Citi’s has named a recent hire from HSBC as its new EMEA head of high yield trading, three months after the dealer joined the firm. It follows recent new hires of two salesmen for Citi’s high yield team.

    • 06 Feb 2018
  • Long end of IG curve to benefit from rates sell-off

    Unilever showed how resilient the investment grade corporate bond new issue market is on Monday with €4.9bn of orders for its deal against a backdrop of falling stockmarkets. Further falls in equity prices led to an empty day in the European new issue market on Tuesday, but syndicate desks are optimistic about upcoming issuance.

    • 06 Feb 2018
  • Asian bonds on hold after equity market carnage

    Asian bond issuance has ground to a halt this week, with new deals put on hold and bankers urging caution amid volatility across the equity and bond markets.

    • 06 Feb 2018
  • Unilever prints record size with third triple tranche bond

    Anglo-Dutch consumer goods company Unilever has become known in the corporate bond markets for its multiple tranche deals. On Monday it announced its third such trade in the last three years and investors showed they still have plenty of appetite for the name, helping the company print its largest ever deal.

    • 05 Feb 2018
  • Pushback on Algeco may be ‘ephemeral win’, say investors

    Algeco Scotsman, the US storage group owned by TDR Capital, is talking to investors about sweetening the terms of its new high yield bond issue, due to be priced on Monday afternoon.

    • 05 Feb 2018
  • Not just property: China dollar bond pipeline building steadily

    Chinese companies in sectors from construction to technology are preparing to tap the dollar bond market. Despite rates continuing to push higher, particularly in the long-end of US Treasuries, more and more debut issuers are eyeing deals.

    • 05 Feb 2018
  • Greenland pushes out maturities with $700m bond

    Chinese property company Greenland Holding Group raised $700m last week, returning to the bond market to refinance a pair of short-dated deals it sold in the first half of 2017.

    • 05 Feb 2018
  • AMAG Leasing issues two Swissie bonds in a week

    AMAG Leasing, the Swiss vehicle lessor, priced two new Swiss franc bonds this week. A Sfr150m (€129m) five year transaction on Monday was followed by a Sfr100m two year on Friday.

    • 02 Feb 2018
  • InBev shareholder Bevco gets cheers from investors on bond debut

    Bevco, the Luxembourg-based investment company that is the third largest shareholder in Anheuser-Busch InBev, made its corporate bond debut on Friday with a benchmark five year deal that won a warm reception from investors.

    • 02 Feb 2018
  • VW needs no monkeys for £300m success in sterling

    Despite the latest bout of negative publicity surrounding it having used monkeys in emission tests lingering in the press, investors were still keen to buy Volkswagen’s new sterling corporate bond on Friday. The German car maker got over £500m of orders for the 4.5 year fixed rate deal.

    • 02 Feb 2018
  • RusHydro returns to eurorouble market

    RusHydro, the Russian hydroelectric power generator, will meet investors next week for a Eurorouble bond.

    • 02 Feb 2018
  • Chinese issuers delve into short-dated bonds

    China Logistics Property Holdings Co (CNLP) and Future Land Holdings Co both sold bonds with less than one year tenors on Thursday, sidestepping the Chinese regulator’s tight handle on offshore fundraising.

    • 02 Feb 2018
  • Blackstone breathes life into PE big buys

    Blackstone announced its biggest acquisition for a decade this week, as it swooped on Thomson Reuters' data business for an enterprise value of $20bn. That left financiers waiting to see if it kick-starts a new round of big leveraged buyouts (LBOs) among private equity firms sitting on mountains of uninvested cash. Michael Turner and Victor Jimenez report.

    • 01 Feb 2018
  • IBM, Comcast boost flagging supply

    IBM and Comcast hit the market on Thursday to get February off to a flying start after the quietest start to the year in the US corporate bond market since 2010.

    • 01 Feb 2018
  • High yield bond investors voice divergent views

    Buyers of high yield bonds in the European markets speaking to GlobalCapital this week sent two messages: overall demand is strong, but investors are searching for different targets.

    • 01 Feb 2018
  • HLEG pushes stricter EU green bond label

    The European Commission's High Level Expert Group on Sustainable Finance has put a high priority on green bonds, proposing a new EU standard, to be put in place this year, which could be more stringent than current market practice.

    • 01 Feb 2018
  • EU law to steer markets to green future

    Europe’s financial system turned a corner this week, as the European Commission declared it would introduce legislation to redirect markets towards sustainability and equip them to face the threat of climate change, writes Jon Hay.

    • 01 Feb 2018
  • Sterling HY ‘can take' Brexit, say participants

    Borrowers issuing sterling bonds with speculative grade ratings should find a receptive market despite the potential fallout of Brexit this year, Moody’s said in a report. It was a sentiment bankers and investors agreed with.

    • 01 Feb 2018
  • Wellcome Trust GBP750m 2.517% Feb 2118

    • 01 Feb 2018
  • Wellcome looks to next century with latest long sterling deal

    The two 100 year corporate bonds previously sold in the sterling market had received excellent responses and, when London-based charity the Wellcome Trust became the latest member of the century club this week, it proved that investors' demand for ultra long bonds is far from satisfied.

    • 01 Feb 2018
  • Triple-B trio get February IG issuance off to a strong start

    The investment grade corporate bond market started February with the second busiest day of 2018 so far, picking up after a relatively quiet January. Acea, Ford and Prosegur Cia de Seguridad, sold five tranches between them, including two floating rate notes (FRNs), on the first day of the new month.

    • 01 Feb 2018
  • Balls of steel, or crystal?

    The Wellcome Trust charity is a fine institution. The medical research it has funded will benefit the world for many years. This week it helped fund that work by selling a £750m 100 year bond. The investors who bought it probably have a warm glow inside knowing they have helped the cause. But is it responsible to buy bonds that will redeem in 2118?

    • 01 Feb 2018
  • Deriv, cap market groups join forces on Libor

    Trade associations representing derivatives and capital markets have published a road map that they hope will lay the path to a smooth transition away from “ibor” interest rate benchmarks.

    • 01 Feb 2018
  • Barclays cuts hit EMEA levfin head, ECM vice-chair, other senior bankers

    The round of redundancies at Barclays Investment Bank has hit more senior figures, including the head of EMEA leveraged finance, a vice-chairman in ECM, the COO of EMEA banking, as well as other managing directors across the origination businesses.

    • 01 Feb 2018
  • New rule powers big bid for Alliander hybrid refi

    Two weeks after rating agency S&P softened its stance on the early refinancing of hybrid instruments, Dutch energy distributor Alliander became the first issuer to take advantage when it sold a successful hybrid deal alongside a tender offer for a hybrid bond it issued just over four years ago.

    • 01 Feb 2018
  • FRNs return to the fore as BBB rated supply picks up

    The investment grade corporate bond market has started February with intent, with Thursday registering as the second busiest day of 2018 so far.

    • 01 Feb 2018
  • Yango falls victim to yield spike, high leverage

    Chinese property developer Yango Group Co was forced to call off a $250m bond this week, amid heavy Asian dollar bond supply and a spike in US Treasury yields. But while market conditions played their part in the underwhelming demand for the deal, the issuer’s credentials were also called into question. Addison Gong reports.

    • 01 Feb 2018
  • Can M Grass overcome its local government cooking the books?

    A green construction company in the Chinese region of Inner Mongolia has expressed interest in selling a dollar green bond. But the deal will have to overcome damning revelations that the local government released false economic data.

    • 01 Feb 2018

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 14,730.91 80 5.37%
2 Citi 14,428.79 89 5.26%
3 Bank of America Merrill Lynch 14,307.56 80 5.21%
4 Deutsche Bank 12,304.52 60 4.48%
5 BNP Paribas 11,238.26 52 4.09%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 5,332.16 20 11.63%
2 Deutsche Bank 4,298.25 18 9.37%
3 UniCredit 3,009.41 12 6.56%
4 Bank of America Merrill Lynch 2,869.21 10 6.26%
5 HSBC 2,516.32 16 5.49%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 923.77 9 8.85%
2 Morgan Stanley 732.63 4 7.02%
3 Goldman Sachs 657.29 6 6.30%
4 Credit Suisse 577.70 7 5.53%
5 JPMorgan 572.76 6 5.49%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 4,599.75 33 9.01%
2 Citi 4,085.51 32 8.01%
3 Credit Suisse 3,835.38 26 7.52%
4 Wells Fargo Securities 3,248.55 24 6.37%
5 Barclays 2,770.29 16 5.43%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 5,027.03 18 8.92%
2 Deutsche Bank 4,039.27 17 7.16%
3 JPMorgan 2,933.70 12 5.20%
4 SG Corporate & Investment Banking 2,734.66 13 4.85%
5 HSBC 2,719.21 17 4.82%