Corporate Bonds - Article Archive



  • GuocoLand seeks to open markets with S$170m bond

    The burst in activity in the Singapore bond market has continued this week, as property developer GuocoLand hit markets with the biggest trade so far this year. The company’s dual tranche offering brought in S$170 ($125m) along with hopes of more Singapore dollar issues to follow.

  • Century Properties preps for dollar debut

    Philippine property developer Century Properties will meet investors next week ahead of a potential US dollar bond debut after mandating three banks.

  • Bond new issues suffer worst start of decade

    Global bond new issue markets have had their slowest start to the year this decade, as anxiety about quantitative easing, interest rate movements and political events like the Greek election have kept issuers out of the market.

  • Bankers shrug off Greek election worries as QE dominates mood

    Corporate bond bankers were treading carefully in the immediate aftermath of the Greek general election won by anti-austerity party Syriza last Sunday, but by Tuesday new issues were attracting huge books and pricing at super-tight spreads, restoring confidence in the market.

  • RHP claims lowest ever coupon on 30yr HA bond

    Richmond Housing Partnership, a housing association based in southeast England, issued £140m of bonds with an average life of 30.75 years on Thursday. Its 3.25% coupon was the lowest yet achieved on a 30 year bond issued by a housing association in its own name, according to the issuer.

  • TVO's €500m 10yr bond generates €1bn book

    Teollisuuden Voima, the Finnish nuclear power company, priced a €500m 10 year bond on Thursday, as it brought forward its funding plans to take advantage of a European bond market energised by the prospect of quantitative easing.

  • RHP claims lowest ever coupon on 30yr HA bond

    Richmond Housing Partnership, a housing association based in southeast England, issued £140m of bonds with an average life of 30.75 years on Thursday. Its 3.25% coupon was the lowest yet achieved on a 30 year bond issued by a housing association in its own name, according to the issuer.

  • Sino-Ocean unclogs China’s property pipeline

    Sino-Ocean Land Holdings has finally ended the drought of Chinese property bonds with a dual tranche five and 12 year offering on January 28. But despite the success of the deal, bankers are sceptical that a wave of developers will follow in its steps.

  • US helps CAR hit Asian high yield highway in popular debut

    China Auto Rental (CAR) broke new ground when it became the first Asian car rental company to sell an offshore bond on January 28. Strong demand from investors allowed it to increase the deal and bankers hope its success will encourage some much needed diversification in the high yield market, writes Narae Kim.

  • Dial’s heavily covered debut enlivens Asian HY

    Delhi International Airport (Dial) attracted a strongly oversubscribed book for its international bond market debut. The $288.75m seven year bullet was more than 17 times covered and traded up on January 21.

  • StanChart names new DCM chief

    Standard Chartered has promoted Aaron Russell-Davison to the newly created role of head, debt capital markets as it continues to develop its bonds franchise.

  • Viridian seeks €600m single-B bond in humming market

    Energy firm Viridian Group began a roadshow on Thursday for a €600m senior secured bond, which it will use to redeem its $670m-equivalent debut bond, amid renewed investor interest for strong single B-rated names.

  • Strabag prices tight but devil is in the retail

    Austrian construction firm Strabag has taken advantage of favourable market conditions to issue a €200m seven year bond with a 1.625% coupon, but the low absolute yield hit retail interest in the deal.

  • Baosteel gears up for maiden euro bond

    Baoshan Iron & Steel (Baosteel) is seeking to issue its first euro bond after mandating seven banks for a series of investor meetings starting on February 3.

  • Dial’s heavily covered debut enlivens Asian HY market

    Delhi International Airport (Dial) attracted a strongly oversubscribed book for its debut in the international bond market. The $288.75m seven year bullet was more than 17 times covered and traded up on Wednesday.

  • Ton Yi brings 2015's second Formosa, but demand tepid

    Cayman Ton Yi Industrial Holdings Limited (Cayman TY), a subsidiary of Taiwan headquartered Ton Yi Industrial Corp, has issued a small Formosa bond, several Taiwan DCM bankers have told GlobalRMB. The three year deal has been priced to yield 4.20% with a final size of Rmb142m ($22.6m), according to two of the sources.

  • CAR on the road for offshore bond debut

    China Auto Rental (CAR) finally started taking orders on Wednesday, January 28, for what looks to be the first offshore bond by an Asian auto rental company. Due to its strong North American ties, the borrower waited until the US markets looked favourable and is hoping to see US funds jump in its maiden outing in the offshore bond market.

  • Chinese property primes for comeback with Sino-Ocean

    Chinese property developer Sino-Ocean Land Holdings is looking to become the first from the much maligned sector to tap the international bond market this year, opening books to a dual tranche offering on January 28.

  • Carrefour bags €750m after Greek election

    Carrefour, the French supermarket chain, found strong investor demand for a €750m 10.3 year bond on Tuesday, when it became one of the first European companies to issue bonds after anti-austerity party Syriza’s victory in the Greek general election on Sunday.

  • The EFSI is a force for good – but cannot cure infrastructure’s biggest blockage

    The European Commission’s “Juncker Plan” to boost investment by €315bn ($356.14bn) is welcome. Scepticism that it cannot work because it only has €21bn of capital is unwarranted. The European Investment Bank is putting its shoulder to the wheel and should not be underestimated. But do not expect this to solve Europe’s infrastructure investment problems. Money is not the problem. The real obstacles is are governments' indecision about what infrastructure they want and how investors will make a return.

  • PE TDR tightens grip on Norway's Hurtigruten

    Silk Bidco, an investment vehicle backed by TDR Capital, launched a three day roadshow to sell €455m of high yield bonds to back its acquisition of a larger stake in Hurtigruten, the Norwegian cruise ship operator.

  • Mapletree and Gallant Venture warm up Sing dollar bonds

    Singapore-based property companies Mapletree Commercial Trust and Gallant Ventures have returned to Singapore dollar bonds, bringing some much needed activity to a market that’s had a slow start to the year.

  • Asian high yield finally wakes up with Dial

    There is some overdue activity taking place in the Asia ex Japan high yield bond market with Delhi International Airport (Dial) sounding investors out for a seven year bullet on January 27. If successful, this could be the first major transaction for a sector that has been missing in action since the start of the year.

  • The Yanks are coming! US issuers will muscle out Asian names in euros

    Asian investment grade bond issuers have made their presence felt in the euro market in recent years as they seek diversification. With the European Central Bank’s quantitative easing programme set to lower rates, now would seem the be the ideal opportunity for more Asian names to target eurozone investors. But with US large caps also eyeing euros, Asian credits are likely to get pushed aside.

  • Security Bank offers safe bet with dollar bond

    The Republic of Philippines status as a safe haven from the recent bout of macro concerns has prompted renewed investor interest in the county. The increased optimism was reflected by Rizal Commercial Banking Corp’s (RCBC) bond two weeks ago, and another lender, Security Bank Corp is now looking to do the same after opening books on January 27.

  • High yield hopes undimmed, though Greek bonds widen

    The aftermath of Sunday’s general election in Greece has made only a soft imprint on the European high yield market. Greek bonds weakened a bit, but bankers are confident the issuance agenda continues unchanged.