Corporate Bonds - Article Archive

  • Thales blitzes NIP amid French flurry

    French aerospace and defence company Thales returned to the European corporate bond market this week after a three year absence, printing a €600m seven year bond and clinching a 0bp new issue premium.

  • Moody’s, S&P assign hybrid ratings to SES

    Moody’s and S&P Global Ratings this week assigned ratings to potential hybrid bonds planned by satellite operator SES as it began to roadshow what stands to be the European market's second such deal of the year.

  • Taking stock of Chinese onshore bond defaults

    A slew of onshore bond defaults by Chinese state-owned entities has sent a chill through the market over the past couple of months, with more expected to be in store. But with the market calming down in May, it’s time to take stock and realise that such defaults are part of China’s transition to a market-driven economy — and are essential for the long-term health of the country’s debt market.

  • BlackRock loses Apac head of fixed income

    Asset manager BlackRock has made senior changes to its fixed income business as Joel Kim, head of fixed income for Asia Pacific, plans to leave the firm at the end of August.

  • KoGas eyes July for dollar comeback

    Korea Gas Corp (KoGas) has kicked off preparations for its first international bond of the year, which will hit the market next month.

  • Panda bonds fight for survival

    There’s been plenty of hype about Panda bonds as borrowers and bankers scramble to take advantage of this new avenue into China. But for all the momentum the market has shown since reopening, it is plagued by a number of problems including a lacklustre response from onshore investors. Regulators need to act if the market is to reach its potential, writes Carrie Hong.

  • Midea Group revels in strong debut showing

    Midea Group found a strong following this week for its international debut bond. While the lack of deals from its industry peers posed a challenge in finding comparables, the notes thrived on their rarity value.

  • Walgreens’s $6bn tops off bumper month

    Walgreens Boots Alliance unveiled a five trancher on Thursday as it looked to tie up the acquisition financing for its $17bn purchase of Rite Aid ahead of the holiday weekend, following a bumper month for issuance in the US high grade bond market.

  • Fatigue fails to dampen rampant Middle East after Qatar scorcher

    Middle East bond markets are red hot with $24bn of deals printed so far in 2016 — the highest ever year to date level. However, while Qatar's triple-tranche $9bn jumbo drew a book of $23bn and proved there is abundant demand for high quality GCC borrowers, signs of fatigue are starting to play out in the poor secondary trading performance of some of this week’s other new issues. Virginia Furness reports.

  • Sterling still steady as FCE books £400m

    FCE Bank, the finance subsidiary of Ford, paid a visit to the sterling bond market on a day when much of Europe was celebrating the Corpus Christi public holiday.

  • Huarong, Midea and BPCE to sell offshore notes

    China Huarong Asset Management and Midea Group are out with their respective dollar offerings while France’s BPCE is attracting bids for a Singapore dollar-denominated Basel III tier two.

  • The winners: GlobalCapital High Yield Bond Awards 2016

    GlobalCapital presents its annual High Yield Bond Awards 2016. These awards are determined entirely by a poll of market participants, and celebrate the outstanding issuers, funding officials, investment banks, bankers and rating agencies in the high yield between May 2015 and April 2016. Congratulations to the winners and nominees.

  • The winners: GlobalCapital MTN Bond Awards 2016

    GlobalCapital is pleased to announce the winners of its MTN Awards 2016. These awards are determined entirely by a poll of market participants, and celebrate the outstanding issuers and banks in the MTN markets between May 2015 and April 2016. Congratulations to the winners and nominees.

  • The winners: GlobalCapital Investment Grade Corporate Bond Awards 2016

    GlobalCapital held its annual bond dinner awards on May 25 in London’s Guildhall. The awards are determined by a poll of market participants, and celebrate the outstanding issuers, funding officials, investment banks, bankers and rating agencies in the capital markets between May 2015 and April 2016. Congratulations to the winners and nominees in Investment Grade Corporates.

  • HeidelbergCement’s crossover bond welcomed

    Germany’s HeidelbergCement on Wednesday issued a benchmark high yield bond that was rapidly increased to €750m while its final terms tightened 20bp from initial price talk.

  • Corporate bonds go soft, but issuers keep coming

    The investment grade corporate bond market is going through a soft patch, with new deals underperforming in secondary and new issue premiums widening. So far, though, issuers have not been put off.

  • Bayer wakes up ECM with promise of huge rights issue

    A lacklustre year for equity capital markets suddenly grew more interesting on Monday, when Bayer announced the details of a $62bn bid for Monsanto. It got still more interesting on Tuesday, when the US agribusiness group rejected the offer as “incomplete and financially inadequate”.

  • China Three Gorges makes aggressive $1.5bn return

    China Three Gorges (CTG) made an impressive return to the bond market on Tuesday with a $1.5bn dual-tranche offering that was well-liked by investors, even though pricing was aggressive.

  • 361 Degrees weaves dollar debut in Reg S

    361 Degrees has made a smooth debut in the dollar bond market this week, raising $400m from a five year non call three deal. Thanks to the niche industry and strong technicals, the deal tightened 30bp in secondary as investors who did not get an allocation in primary rushed to the aftermarket.

  • Smoking is less cool after Axa snub

    Axa’s decision to quit tobacco investments is a watershed moment for ethical investment and its influence will be felt in capital markets — although others may be slow to kick the habit.

  • EBS bolsters FX suite for corp treasurers

    EBS BrokerTec, ICAP’s electronic foreign exchange and fixed income business, has added FX spot, forwards and swaps to its EBS Treasury platform as it completes the rebranding of the product from its previous name, MyTreasury.

  • Stoxx eyes derivs on equity/bond indices

    Stoxx has created a series of indices that combine equity and fixed income and are intended to serve as an underlying for exchange traded funds and derivatives.

  • Chinese trio find window for fundraisings

    China Three Gorges Corp, CCB Leasing and 361 Degrees International are looking to take advantage of a tight window to get their dollar fundraisings out of the way ahead of a speech from Federal Reserve chairwoman Janet Yellen on Friday.

  • HK PBs buy into Sun Hung Kai exchange offer

    Hong Kong financial investment firm Sun Hung Kai completed a $361.6m exchange plus new money offering on Monday that was mostly gobbled up by the city’s private bank accounts.

  • ASEAN bond & treasury markets roundtable: Developing the debt market

    Domestic bond markets in the ASEAN region are still at vastly different stages of development, and often differ dramatically in terms of depth, sector diversity, and the rating demands of investors. That makes the job of increasing cross-border flows between these markets all the harder. But the opportunities are rife, and growing. Asiamoney sat down with a group of debt market experts to discuss how these markets can grow individually, and how they should grow together.

  • Paper over: Norske CDS auction to proceed

    An auction to settle Norske Skog credit default swaps will take place in June, after ISDA’s determinations ommittee agreed to an initial list of deliverables for the restructuring credit event — despite not having been able to gain access to a crucial document governing the terms of the firm’s guaranteed bonds.

  • Arla milks domestic market for Skr1bn bond

    Arla Foods, the unrated Danish dairy cooperative, on Monday printed Skr1bn of notes, with issuance in the Nordic currency still lagging 28% behind last year’s figures.

  • 3M gets 15 year but duration appetite softens

    US conglomerate the 3M Co visited Europe on Monday for a €1bn dual tranche bond that tapped the long end of the market, an area that experienced some jitters last week.

  • Huarong and Sritex seek dollar bond returns

    China Huarong Asset Management is looking return to the offshore bond market this month, while Sri Rejeki Isman (Sritex) has announced plans for a new international deal alongside a cash tender offer of its existing notes.

  • Zhejiang Geely takes a spin with debut green bond

    Zhejiang Geely Holding Group successfully priced its first international green bond on Thursday, keeping the momentum going for the asset class in China. The issuer opted for a standby letter of credit from Bank of China’s London branch in a bid to attract investors and cut its funding costs.