Corporate Bonds - Article Archive



  • High yield bid rock steady as issuers defy EM sell-off

    When the going gets tough, high yield investors often get going, too — out of the door. So far, in this bout of tapering-induced risk-aversion, that has not happened. While stockmarkets sold off this week, CDS indices widened and emerging market bonds plunged, high yield issuers in Europe kept launching and printing bonds, writes Stefanie Linhardt.

  • Czech EP Energy seeks holdco HY debut

    Czech energy utility EP Energy launched its first high yield bond through its holding company on Tuesday, despite a sell-off of emerging market bonds.

  • Job done for Arqiva as £164m bond sells

    Arqiva, the UK broadcasting masts business, returned to the bond market on Wednesday for a bespoke £164m issue from its whole business securitization, which found ample demand, helped by a juicy new issue premium.

  • Orange shines with $1.6bn senior in uneasy US market

    Orange struck a note of defiance on Thursday, as one of only two investment grade companies to issue a dollar bond. Other borrowers were held back by earnings blackouts or put off by volatile markets.

  • Fresenius back already for €300m 10yr

    High yield darling Fresenius was back in the market on Tuesday — after less than three weeks. The German healthcare company sold an increased €300m 10 year bond, which despite market flutters, traded up.

  • Puma, HY/EM mix, shrugs off wobble

    Oil products company Puma Energy priced its debut high yield bond in line with guidance on Tuesday, relying on broad appeal to a varied investor base to overcome the sell-off in emerging market credits.

  • National Grid goes solo for €300m tap

    National Grid, the UK electricity transmission company, was the only European investment grade company to issue a public bond in the European market on Tuesday. Its €300m tap was no show-stopper, but at least proved a price-sensitive issuer could get a deal done.

  • Löwen Play gambles with refi, divi junk bond

    Löwen Play is the latest in a spate of gambling companies entering the high yield bond market. The German company, owned by Ardian — the former Axa Private Equity — is looking for €265m of floating rate notes.

  • Orange finds perfect break in EM storms for €2.8bn hybrid

    Orange, the former France Télécom, may not have felt luck was on its side on Thursday January 23. As it was about to begin the roadshow for its first hybrid capital issue, investor sentiment was soured by fear of an emerging markets meltdown.

  • No 100 year euro plans for EDF

    After Electricité de France issued a 100 year dollar bond on Monday January 13 and the first ever 100 year sterling bond in a wildly successful £1.35bn sale on Friday January 17, Europe’s bond market has been thick with speculation about further century bond issues.

  • Jaguar drives by for £400m

    Jaguar Land Rover drove by with an increased high yield bond on Tuesday. It attracted strong demand, allowing bookrunners to add £100m to the planned £300m eight year issue and price it tightly.

  • All Bonds league tables

    Dealogic league tables of bond transactions, last 12 months rolling. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

  • International bonds league tables

    Dealogic league tables of bond transactions, last 12 months rolling. Includes SSAs, FIG, investment grade and high-yield corporates, emerging markets and ABS.

  • Investors want name recognition from Chinese property

    Chinese property has been the most active sector in the bond market so far this this year, and for that reason has suffered more than others in a weak secondary market. But fund managers and syndicate officials are confident that the well known and trusted credits will have no trouble attracting interest, although debut borrowers are going to have to tread carefully.

  • Spread slump ends record run but restart not in doubt

    Asia’s dollar bond market rounded off this year's record run with a pause this week ahead of Chinese New Year, after a sell-off that left most new issuance well wide of reoffer. Bankers and buyers pointed to Chinese PMI figures, weakness in the wider emerging markets and even US housing data. But most remained confident that fundamental demand would allow a strong restart after the holidays, writes Steve Gilmore.

  • China XD enjoys debut success in small size

    China XD Plastics made its debut in the bond market last Friday, pricing a $150m five year deal. The size was smaller than issuer had hoped when it first approached investors late last year, but the fact that it won over buyers unfamiliar with its business and sold a successful bond in a difficult market made the transaction more satisfying than most, said a banker on the deal.

  • Chu Kong contemplates debut in adverse conditions

    Chu Kong Petroleum & Natural Gas Steel Pipe Holdings has completed a series of fixed income investor meetings in Singapore and Hong Kong that could result in the company’s first ever bond. But bankers questioned why a first-time issuer would court investors in such difficult market conditions.

  • Wanda bankers defend premium on 10 year bond

    Dalian Wanda Commercial Properties came under criticism this week from bankers who said it paid a hefty premium on last week's $600m 10 year bond to establish a longer dated dollar curve. But bankers on the bond, priced on January 23, argued that a stable performance shortly after pricing vindicated the final yield. The bonds subsequently fell, but the broader emerging market sell-off meant that this widening said little about the initial pricing.

  • Job done for Arqiva as £164m bond is oversubscribed

    Arqiva, the UK broadcasting masts business, returned to the bond market today for a bespoke £164m issue from its whole business securitisation, which found ample demand, helped by a juicy new issue premium.

  • Deutsche Bahn follows Swedish success with Swissie

    Deutsche Bahn tapped the Swiss franc bond market on Wednesday, selling a new long 10 year note. The issuer was able to increase the trade despite volatility earlier in the week and a tight price compared to outstandings.

  • Löwen Play brings German gambling to high yield market

    Löwen Play is the latest in a spate of gambling companies entering the high yield bond market. The German company, owned by Ardian — the former Axa Private Equity — is looking for €265m of floating rate notes.

  • Puma Energy defies EM wobble with crossover appeal

    Oil products company Puma Energy has priced its debut high yield bond in line with guidance on Tuesday, relying on broad appeal to a varied investor base to overcome the sell-off in emerging market credits.

  • High yield powers on amid EM-induced turbulence

    Financial markets have had their first mauvais quart d’heure of 2014, but nobody told the high yield market. Frightened that emerging markets might be falling apart, stock markets fell for three days and the iTraxx Crossover index widened by 40bp — but it hasn’t stopped the march of high yield deals.

  • National Grid goes solo for €300m tap

    National Grid, the UK electricity transmission company, was the only European investment grade company to issue a public bond in the European market today. Its €300m tap was no show-stopper, but at least proved a price-sensitive issuer could get a deal done.

  • Santiago Metro wraps up roadshow with LatAm eyes on FOMC

    A calmer day in LatAm bonds on Monday after Thursday and Friday’s rout in emerging markets was not enough to entice any borrowers to issue as attentions turned to Wednesday’s US Federal Open Market Committee meeting.

  • Argentina’s TGS extends debt profile

    Argentinian natural gas provider Transportadora de Gas del Sur (TGS) improved its debt maturity profile after two thirds of bond holders agreed to swap at par the $374m of existing 2017 notes for new bonds due 2020 before the early bird deadline, it said on Monday.

  • Xinyuan solicits for looser covenants

    Xinyuan Real Estate has started a consent solicitation to change the covenants on a $200m 2018 bond, which would ease restrictions on how much debt the company can raise and its ability to use subsidiaries to guarantee debt.

  • Daimler unlikely to spark Panda resurgence, say bankers

    Daimler’s plans to tap the Chinese Panda bond market caused a stir last week given the rarity of such issues. The German automaker would be only the third name ever to tap the market, after the Asian Development Bank (ADB) and the International Finance Corporation (IFC), and would be the first corporate to do so. But bankers warn that there is little to suggest a flurry of activity will come in its wake. The problem is finding issuers that suit the market — and investors who want to buy.

  • No 100 year euro for EDF

    After Electricité de France issued a 100 year dollar bond on Monday January 13 and the first ever 100 year sterling bond in a wildly successful £1.35bn sale on Friday January 17, Europe’s bond market has been thick with speculation about further century bond issues.