• Zhengzhou Metro follows LGFV peers to bond market

    Zhengzhou Metro Group became the latest Chinese local government financing vehicle (LGFV) to price a dollar bond, turning to the market on the same day two issuers in Chengdu and Yichang also raised funds.

    • 14 Dec 2018
  • Fantasia pays 15% for $130m bond

    Fantasia Holdings Group Co locked up a final dollar deal of the year on Thursday, but paid a generous 15% yield to secure anchor orders for the transaction.

    • 14 Dec 2018
  • SEC boss warns Senate over Brexit risks to US

    SEC chairman Jay Clayton warned the US Senate Committee on Banking about risks to US capital markets from Brexit, in a hearing conducted on Tuesday.

    • 13 Dec 2018
  • Maersk short bond tidy-up could be in the vanguard of 2019 activity

    Danish logistics company Maersk gave investors something other than political and economic matters to consider this week when it announced a tender offer for its shortest dated euro bonds on Monday. If the current poor tone in the bond markets continues into 2019, this type of exercise could become more prevalent, writes Nigel Owen.

    • 13 Dec 2018
  • Spain’s Dia denies endorsing LetterOne, mulls rights issue

    Spanish supermarket group Distribuidora Internacional de Alimentación revealed a new scheme to solve its financial troubles this week, away from the potential debt cut and cash injection recently suggested by its largest single shareholder, LetterOne.

    • 13 Dec 2018
  • Leverage in high yield hits 2007 highs, says SEB

    Record numbers of speculative grade bonds have exceeded the limits of the European Central Bank's leveraged lending guidelines, research from SEB showed this week.

    • 13 Dec 2018
  • US Bankers braced for New Year fall in supply

    Corporate bond bankers in the US are predicting a further 10% fall in dollar supply in 2019 as more volatility and an expected fall in US M&A activity hits issuance. The predictions come after supply for December hit its lowest level on record.

    • 13 Dec 2018
  • Santander adds to MTN team

    Santander has picked up an ex-Deutsche Bank private debt banker for its MTN syndicate desk.

    • 13 Dec 2018
  • Chinese LGFVs hurry out as disappointing year nears end

    As many as nine local government financing vehicles (LGFVs) came to the offshore bond market this week, relying on anchor orders to price deals before their regulatory quota expires. But as 2018 nears its end, the pressure the sector faces is far from over, writes Addison Gong.

    • 13 Dec 2018
  • Greenland builds bond off anchor orders

    Greenland Hong Kong Holdings closed the year with a $200m bond on Wednesday, as the high yield issuer took advantage of its anchor investors and the relatively positive market backdrop.

    • 13 Dec 2018
  • Dia denies endorsing LetterOne’s debt restructuring plan, but mulls rights issue

    Spanish supermarket group Distribuidora Internacional de Alimentación revealed a new scheme to solve its financial troubles on Wednesday, away from the potential debt cut and cash injection recently suggested by its largest single shareholder LetterOne.

    • 12 Dec 2018
  • High yield funds face their ‘worst scenario’ for index returns

    Investors in leveraged debt in Europe were hoping for stable new issue spreads, calm secondary markets and receding fund outflows. But as the year ends, they are finding out that dreams do not come true, but nightmares might.

    • 12 Dec 2018
  • Corporate bond market blocks out Brexit noise for now

    Due to the lack of new issuance for over a week in the European corporate bond markets, the vote of no confidence in UK prime minister Theresa May was the talk of both the buy and sell sides on Wednesday morning. But there has been little effect on the market itself so far where political developments in other European states are more of a concern.

    • 12 Dec 2018
  • LGFVs, Kaisa rush out before funding drains

    Three Chinese local government financing vehicles (LGFVs) managed to push out last-minute dollar deals before the year end on Tuesday, while property developer Kaisa Group Holdings raised $300m from a 365-day bond at a double-digit yield.

    • 12 Dec 2018
  • Brace yourselves for election year

    Five countries in Asia are due to hold general elections in 2019, meaning uncertainty for capital markets is likely to be commonplace. With markets already wobbling under global pressures, surprise election results could have catastrophic effects. Bankers and investors should be prepared for a bumpy ride.

    • 12 Dec 2018
  • Updated: Chongqing LGFV goes into two day bookbuild

    Chongqing Nan’an Urban Construction and Development Group Co kept the order book for its dollar bond open for an extra day before raising $300m this week.

    • 12 Dec 2018
  • Dia's backer LetterOne shops debt restructuring plan

    LetterOne, the private equity firm that is the largest shareholder in Distribuidora Internacional de Alimentación, the Spanish supermarket chain, has drafted a debt restructuring plan for the troubled company that echoes the latest attempt of renewable energy group Abengoa to survive by cutting its leverage.

    • 11 Dec 2018
  • GlobalCapital Asia capital markets awards 2018: Bonds

    In part three of our results announcements, we reveal the winning bond deals across a variety of categories. In addition, we also name the Best G3 Bond House, Best Local Currency Bond House, Best High Yield Bond House and the debut winner of the Best House for SRI Financing.

    • 11 Dec 2018
  • Maersk tidies up maturities before year end

    Danish logistics company Maersk gave investors something other than political and economic matter to consider this week when it announced a tender offer for its shortest dated euro bonds on Monday.

    • 11 Dec 2018
  • Shimao pays up to finish 2018 quota

    Shimao Property Holdings managed to raise a sizeable $570m from its bond return on Monday, using up the last of its annual fundraising quota. But to get to the chunky size at this time of the year, the Chinese company had to offer investors a generous premium.

    • 11 Dec 2018
  • Brexit and ECB to keep secondary markets on their toes

    It may be the second week of December, when the corporate bond market is typically quiet ahead of the Christmas break, but there is still plenty for participants to ponder, even though the likelihood of new issuance is considered very low.

    • 10 Dec 2018
  • Logan leaves something on the table for investors

    Logan Property Holdings Co made a quick venture into the market on Thursday to use the remainder of its offshore issuance quota for the year. The typically price-sensitive issuer willingly left something on the table for investors this time around to ensure their support in 2019.

    • 07 Dec 2018
  • Haitong Securities, Founder Group head to euros

    China’s Haitong Securities priced a dual-currency transaction on Thursday, heading to the euro market for cheaper funding. Another issuer, Peking University Founder Group, was looking to price an up to €100m deal on Friday.

    • 07 Dec 2018
  • SAP €500m Dec 2020, €900m Mar 2022, €850m Dec 2024, €1bn Mar 28, €1.25bn Mar 2031

    • 06 Dec 2018
  • Freenet widens pricing after strong SSD run

    European borrowers that flit between public and private debt have been choosing the Schuldschein market because of its comparatively tight pricing in the last few months but this week Freenet, the German telcoms firm, sweetened the terms it was offering investors.

    • 06 Dec 2018
  • Borrowers prefer no deal to bad deal

    Corporate and FIG borrowers and buyers have largely given up on primary markets for 2018, having faced choppy conditions this week. But things are not likely to be much calmer when they return in January, meaning a chaotic scrap could ensue as borrowers jostle for the best slots to print deals. Jasper Cox and Nigel Owen report.

    • 06 Dec 2018
  • Tritax Big Box signs debut US PP

    Tritax Big Box, the London listed industrial real estate investment trust, has sold £400m worth of 10 and 12 year US private placement notes, during the Brexit whirlwind that caused sterling bond markets to falter.

    • 06 Dec 2018
  • SAP sets new record for December deal with five trancher

    German business software company SAP used its rarity value when it printed a €1.5bn triple tranche deal in March. However, that strategy may no longer be possible, after it sold the largest ever corporate bond priced in December to help fund its recently announced €8bn cash acquisition of experience management software provider Qualtrics.

    • 06 Dec 2018
  • Dollar borrowers stand down as buyers shut up shop for year

    At least three high-grade borrowers in the US bond market stood down on Thursday as supply windows snapped shut and scotched hopes of a final flurry of supply before year end.

    • 06 Dec 2018
  • EU eyes PP return in 2019

    The European Union will look to return to the private placement market for the first time since July 2017 to kick-off its funding programme next year.

    • 06 Dec 2018
  • Mizuho cuts in DCM and syndicate

    Mizuho International, the London securities and investment banking arm of the Japanese banking group, has cut jobs in its capital markets business over the past week, and among those leaving is a senior DCM banker.

    • 06 Dec 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.

    • 06 Dec 2018
  • Huawei dollar bonds tank after CFO’s arrest

    Huawei Investment & Holding Co's dollar bonds took a beating on Thursday morning following news of the arrest of its chief financial officer in Canada.

    • 06 Dec 2018
  • Corp defaults to rise, says Moody’s

    Defaults among borrowers with speculative grade ratings are set to dive at the start of next year, but only for a while, Moody’s said in an outlook report for non-financial corporates this week.

    • 05 Dec 2018
  • Fund outflows bring levfin to standstill

    Investors in European leveraged debt seem to be giving up for the year. Funds and financial vehicles that buy high yield bonds and leveraged loans have seen large volumes of cash outflows, leaving borrowers with no other option but to step back this week.

    • 05 Dec 2018
  • What a difference a day makes in IG bonds

    On Monday, the euro corporate bond market delivered its largest ever deal in December. However, on Tuesday, there was no follow-up and the dramatic fall in global equity markets has led some investors to call the end of 2018 from a new issue perspective.

    • 05 Dec 2018
  • Zhejiang LGFV depends on anchors for debut

    Zhuji Development, a Chinese local government financing vehicle from the Zhejiang province, has made its international bond debut with a well-anchored deal.

    • 05 Dec 2018
  • US-China trade war truce: a Christmas miracle?

    The meeting between US president Donald Trump and China’s Xi Jinping during the G20 summit resulted in a trade war ceasefire, giving capital markets a temporary breather from the threat of a fresh tariff outbreak. Asia’s debt and equity issuers should pounce on the opportunity.

    • 05 Dec 2018
  • Funding God? UBI’s heretical social bond framework

    UBI Banca includes financing for "religious entities" as an eligible category under its new social bonds framework, listing eligible organisations as those “aiming at reducing exclusions and inequalities”. But it would take a miracle for the world’s largest religions — with their central tenets of ‘we’re special and you’re not’ — to meet that requirement, raising the question of who actually qualifies.

    • 04 Dec 2018
  • Distressed CMC Ravenna stokes HY’s Italian fears

    The risk appetite of high yield bond investors in Europe continues to pall, as Italian construction firm Cooperativa Muratori e Cementisti di Ravenna filed for creditor protection this week.

    • 04 Dec 2018
  • Kames vows ‘business as usual’ after HY departures

    Four fund managers have left Kames Capital’s fixed income team to join competitor Artemis this week, prompting a staff reshuffle at their former employer and expectations of new high yield funds being opened at their new home.

    • 04 Dec 2018
  • Issuers still eyeing opportunities as corporate bonds approach the close

    SAP on Monday opened the month with the largest euro corporate bond ever sold in December. Tuesday then saw no new issuance, but bankers have not yet turned their attention to buying Christmas presents as a number of deals remain possible.

    • 04 Dec 2018
  • HSBC FIG and corps DCM banker lands at Fitch

    A FIG and corporate DCM banker who worked at HSBC until August has started a new job at Fitch Ratings managing the firm’s client relationships.

    • 04 Dec 2018
  • Juicy guidance attracts investors to Vanke

    China Vanke Co rode the positive momentum that followed the truce in the China and US trade war, raising $630m after an aggressive tightening in price. But the movements in the US Treasury market, including a curve inversion between three and five year notes, hit the secondary performance of the company’s bond.

    • 04 Dec 2018
  • KWG wraps up annual funding with $150m tap

    Chinese property developer KWG Group Holdings executed a swift tap last Friday to use up the rest of its fundraising quota for the year, adding $150m to its coffers.

    • 03 Dec 2018
  • EUROPEAN CORPORATE BOND PIPELINE

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

    • 02 Dec 2018

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 125,755.02 549 5.87%
2 Bank of America Merrill Lynch 124,444.29 528 5.80%
3 Citi 102,522.76 538 4.78%
4 Barclays 83,950.26 342 3.92%
5 Goldman Sachs 83,598.93 327 3.90%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 28,066.59 123 8.88%
2 Deutsche Bank 22,255.37 84 7.04%
3 SG Corporate & Investment Banking 20,558.20 98 6.50%
4 UniCredit 17,012.87 79 5.38%
5 HSBC 16,282.49 91 5.15%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,527.11 43 7.80%
2 BNP Paribas 4,918.81 57 6.94%
3 Deutsche Bank 4,372.15 44 6.17%
4 JPMorgan 4,226.28 46 5.96%
5 Credit Suisse 3,757.05 40 5.30%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 19,901.51 153 10.02%
2 Goldman Sachs 14,830.49 106 7.47%
3 Credit Suisse 13,745.94 98 6.92%
4 Bank of America Merrill Lynch 13,267.41 122 6.68%
5 Morgan Stanley 12,977.13 92 6.53%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 HSBC 27,454.25 115 5.81%
2 BNP Paribas 27,238.89 117 5.76%
3 JPMorgan 26,076.85 89 5.52%
4 Barclays 25,936.71 91 5.49%
5 Deutsche Bank 24,766.67 100 5.24%