Corporate Bonds - Article Archive

  • AusNet launches hybrid in Singapore dollars

    Australian energy firm AusNet Services started attracting bids for a 60 non-call 5.5 year subordinated offering on Monday. The hybrid issuance is denominated in Singapore dollars and marks the company’s first outing in the currency.

  • China Oriental wraps up dollar buy-back

    China Oriental Group completed a buy back of a portion of its outstanding dollar bonds this week with the transaction closing at a tender rate of 28.9%.

  • Credit braced for Brexit long haul but supply undaunted

    Senior capital markets bankers are preparing their teams for months of speculation on Britain’s possible exit from the European Union, after the markets treated them to a glimpse of investors’ uncertainty on the issue this week.

  • Dollar market shows strength as J&J and Cisco star

    Johnson & Johnson and Cisco Systems led an issuance blitz by top rated US blue chips this week as the dollar market enjoyed strong momentum. More than $23bn of corporate issuance came in four sessions.

  • Amgen revives Swiss corporate issuance despite negative swap rates

    Even though the Swiss franc/dollar cross currency swap has been trading in negative territory through January and February, Amgen, the US biotechnology company, made an impressive debut in Swiss francs this week with a seven year bond, the largest in the currency this year.

  • Toyota and BMW enter quiet corporate MTN market

    Toyota turned to Japanese retail investors for funding this week, placing four Uridashi deals, more than doubling February's corporate private placement volumes in the process. Fellow auto company BMW followed suit with an MTN on Thursday.

  • Jumbo Schuldschein, but it’s Hof the record

    The Schuldschein market has just completed what could be its second largest ever deal — for around €1.6bn — in an especially private transaction for Aldi’s Austrian subsidiary, Hofer.

  • Vingroup prices second CGIF-backed Vietnamese bond

    One of Vietnam’s largest property developers Vingroup raised VN$3tr ($135.5m) from a dual-tranche offering on February 18 in what was only the second transaction in the country to be backed by the Credit Guarantee Investment Facility.

  • Toyota enters quiet corporate MTN market

    Toyota turned to Japanese retail investors this week, placing four Uridashi deals and more than doubling February's volume of private placements.

  • Corporate market proves a quiet pool, but deep

    The hidden depth of demand in Europe’s corporate bond market was made amply clear on Monday, when Vodafone trounced market expectations that it would issue a €3bn bond — itself a large and bullish transaction — by raising €6bn.

  • Eurotunnel on the road for secured refi

    Groupe Eurotunnel has mandated Deutsche Bank and Goldman Sachs for a roadshow, exploring potential refinancing for some of the secured notes issued from Channel Link Enterprises Finance, the whole business securitization backed by the operators of the Channel Tunnel.

  • New buds for green Schuldscheine

    This week will see the Schuldschein market host its first two green deals, a new direction for the centuries-old private debt market.

  • India DCM: Time for a reality check

    For years market participants have been talking about India’s potential in the international bond market but volumes have always disappointed. While this week’s return of National Thermal Power Corp (NTPC) to dollars have got enthusiasts talking once again, their excitement is likely to be short lived.

  • NTPC prices tight $500m bond on rarity value

    India’s National Thermal Power Corp (NTPC) ended an absence of more than a year from the international bond market this week with a tightly priced transaction that left little money on the table for investors.

  • Cheung Kong thrives despite 'weak' structure

    Cheung Kong Infrastructure Holdings (CKI) made a strong comeback to the dollar hybrid bond market on Monday with a perpetual non-call five. Despite the tight pricing and a structure that some considered weak, investors were keen to participate thanks to the borrower’s credentials and a lack of supply in the primary market.

  • GlobalCapital Asia/Asiamoney Australia Deals and Investment Bank of the Year 2015: Results

    It was a challenging year for Australian capital markets in 2015 as the fall in commodity prices and volatile conditions made executing deals that much tougher. So it is testament to the depth and breadth of banks in Australia that so many were able to produce standout performances. Our thanks to all those firms that took the time to pitch. Full write-ups of each award will be published in the next Asiamoney supplement in late March.

  • Vodafone doesn't miss a beat with €6bn raid

    Vodafone once again showed its capacity to surprise the capital markets on Monday, issuing €6bn of bonds in four tranches, only two working days after a £2.9bn convertible bond.

  • Updated: DBS builds out Asian debt ambitions

    The Asian DCM market did not have an easy 2015 with numerous macro and political headwinds causing a fall in new issuance. While jittery conditions are here to stay, Clifford Lee, head of fixed income for DBS, told GlobalCapital Asia that his business is well positioned to combat the volatility.

  • Cheung Kong, NTPC fire up dollar returns

    Cheung Kong Infrastructure Holdings (CKI) is on track for a comeback to the dollar hybrid bond market, while India’s National Thermal Power Corp kicked off bookbuilding for a 10 year Reg S offering on Monday.

  • Vodafone readies path for up to €3bn of bonds

    Vodafone wasted no time catching its breath after closing books on Thursday's £2.9bn convertible bond, as it announced on Friday its intention to raise up to €3bn of conventional bonds as early as Monday.

  • New Abengoa plan too vague, says Moody’s

    Rating agency Moody’s on Friday added its voice to those of analysts and investors in London and Madrid asking for details on Abengoa’s debt reduction.

  • Vodafone breaks CB mould but £2.9bn is tough sale

    The extraordinary versatility of convertible bonds — but also the market’s unpredictability — were highlighted on Thursday when Vodafone launched an unprecedented £2.88bn bond designed to achieve the near impossible: debt-like funding that counts as equity but is not dilutive to shareholders, writes Jon Hay.

  • The cheek of green Apple

    Apple’s $12bn nine tranche bond this week deserved plaudits for kick-starting the US corporate bond market after weeks of nerves over volatility.

  • Apple's $12bn heralds US bond wave

    Apple's $12bn nine-tranche bond this week has not only kick-started a US corporate bond market that had been drained by weeks of volatility, but also signalled the beginning of a wave of supply from US issuers that is expected to hit European shores.

  • Solera in US roadshow after grim London reception

    Insurance claims processor Solera Holdings has just three more days of roadshowing to persuade investors to get involved in its $4bn bond and leveraged loan financing, with the jury out on whether a strong week of meetings in the US can trump the torrid time the company had when courting investors in Europe, write Max Bower and Victor Jimenez.

  • Mining ambitions need to be more minor

    The shrinking of balance sheets has become a common theme in recent years, particularly in the financial sector. Investors are punishing banks that are either unwilling or unable to implement a more conservative financial strategy.

  • Roche returns to euros with aggressive pricing

    Hoffmann La-Roche returned to the European corporate bond market exactly a year after its last offering in euros and as it did then, achieved aggressive pricing for a €650m bond.