Corporate Bonds - Article Archive

  • GM Financial races to euros in yield dash

    General Motors Financial, the financing subsidiary of the US automotive giant, hit the European corporate bond market with speed on Wednesday as it issued a benchmark transaction.

  • IG corps race into autumn as HY warms up

    Europe’s investment grade corporate bond market has surprised few with the intensity of its start to autumn as issuers begin a run of primary activity that shows little sign of abating.

  • Bank capital comes alive with UOB out for tier two

    Just a day after DBS sealed a $750m deal from a Basel III compliant additional tier one note, the bank capital market has seen some fresh action with United Overseas Bank eyeing a tier two offering.

  • Chongqing Western jumps on LGFV bandwagon

    Chongqing Western Modern Logistics Industry Zone Development Construction raised $500m from bond investors on Tuesday, with generous initial price guidance allowing the issuer to tighten by as much as 30bp.

  • EDL Gen to rake in $312m as 10 year proves popular

    Electricite du Laos Generation Public Company (EDL Gen), which started bookbuilding for its debut dollar bond in Thailand last Friday, has settled on raising $312m from three tranches, according to a source.

  • Citycon joins Nordic issuance comeback

    Finnish commercial real estate company Citycon was the second Nordic borrower to print bonds in two weeks, following a three month spell when no corporate borrowers from the region came to the market.

  • KPN increases bond in bustling market

    Koninklijke KPN, the Dutch telecoms company, on Tuesday boosted the size of an initial €1bn offering after books were five times covered despite competing against three other borrowers for investors’ attention.

  • Evonik swoops for €1.9bn M&A take out with triple trancher

    German chemical company Evonik hit the reopened European investment grade corporate bond market at pace on Tuesday, as it sought financing for its €3.5bn acquisition of US industrial gas provider Air Products’ speciality and coating additives business.

  • Greenland nabs $300m with tight pricing

    Greenland Holding Group raised $300m on Monday with a deal that was priced through its curve — a feat that was possible despite the firm being hit with a ratings downgrade earlier this year.

  • Jiangsu NHL bags additional $100m from tap

    Jiangsu NewHeadLine (NHL) Development Group bagged $100m on Monday with a tap of its existing $200m 6.20% 2019s, seizing one of the last windows of issuance before a busy September begins.

  • Asia readies for bond onslaught on Fed rate hike prospect

    Asian debt capital market bankers are advising bond issuers to hit the market sooner rather than later in September, on the back of indications from the Federal Reserve that the case for an increase in rate hike had “strengthened in recent months”.

  • Jiangsu NHL keeps LGFV momentum strong with tap

    Jiangsu NewHeadLine (NHL) Development Group has returned to the debt market just months after making its debut, with the Chinese local government financing vehicle tapping its January notes.

  • EDL Gen on track for dollar debut as books open

    Electricite du Laos Generation Public Company (EDL Gen) has started building books for a $300m bond it is looking to price in Thailand on September 2. The deal is progressing well, attracting interest from a wide array of investors including high net worth individuals.

  • Cikarang, Far East gauge appetite for dollar bonds

    Indonesia’s Cikarang Listrindo and Hong Kong’s Far East Consortium International have set sights on the international bond market, having appointed banks to work on their respective dollar offerings.

  • What the ECB does to corporate capital structures

    It’s hard to shed too many tears when a leveraged private equity company with stacks of non-recourse debt transforms into a respectable listed investment grade corporate, with the attendant switch from mammoth securitization financings to regular unsecured vanilla bonds. But monetary policy is now systematically pushing in this direction.

  • The calm before the dollar storm

    Bankers are braced for a bumper September of corporate dollar issuance as M&A funders look to tap the market amid huge demand for high grade paper.

  • HC fills in Italcementi’s LBO funding gap

    The gap to repay a €2.7bn bridge facility that supports HeidelbergCement's purchase of Italcementi is set to close once the former cashes in the sale of its West Virginia factory.

  • MAS to rein in Singapore PBs risk appetite in bonds

    The Monetary Authority of Singapore sees scope for more clarity on the disclosure of bond rebates given to private banks, with the Private Banking Industry Group reviewing its code of conduct.

  • US HY market liquidity fragile, says MPI

    The unpredictability of economic policies in the US and Europe, paired with increasing default rates, could hit investors in the US high yield market, said Markov Processes International on Tuesday.

  • Investors gobble up Fantasia dim sum tap

    Fantasia Holdings Group benefited from a quiet market and the rarity element of dim sum credits, adding Rmb1bn ($150.4m) to its 2019s with a quick tap on Monday.

  • China Resources Cement gets go-ahead for debut Panda

    Hong Kong listed China Resources Cement Holdings has received the greenlight from the National Association of Financial Market Institutional Investors (Nafmii) for its first outing in China’s Panda bond market.

  • ASEAN investor roundtable: Project bonds face long-term challenge

    In a country where bank borrowing forms a large part of infrastructure project financing, much needs to be done to make Indonesia’s local currency bond market the go-to place for project developers. With no first mover advantage and costs and documentation proving tricky, there is plenty holding back issuers from selling Indonesia’s first rupiah infrastructure bond. Asiamoney talked to a group of leading market participants about the challenges and potential of the southeast Asian country’s long-term project financing bond market.

  • Chongqing LGFV keeps bond momentum going

    Investors are set to welcome a new Chinese local government financing vehicle to the bond market, with Chongqing Western Modern Logistics Industry Zone Development Construction hitting the road for its maiden dollar outing.

  • Investors still reluctant to bite the high yield bullet

    The European corporate bond buyside sees moving into single-B and lower credits as the least preferable way to add yield, based on figures in Bank of America Merrill Lynch’s August credit investor survey.

  • Fantasia makes dim sum comeback with tap

    Fantasia Holdings Group made a rapid return to the dim sum bond market on Monday, opening a tap of its Rmb600m ($92.4m) 9.50% 2019s sold in April this year.

  • Chalco bags $800m as books overflow

    Aluminum Corporation of China (Chalco) priced a larger-than-planned $800m deal on Thursday, taking advantage of strong investor interest that led to a 10x covered book.

  • UK corp QE raises liquidity concerns

    The Bank of England’s revamped quantitative easing programme hit an early snag last week when the central bank failed to source enough Gilts on just the second day of purchases.

  • Bid for Russia rarely stronger as borrowers line up autumn trades

    Borrowing conditions for Russian issuers are the best they have been since 2013 and, as changes to onshore funding conditions push more borrowers offshore, several corporates as well as the sovereign are expected to raise international money ahead of US elections in November, according to DCM heads at VTB and Sberbank.

  • ECB leaves door open to QE extension, some mull expansion

    The account of the European Central Bank’s July 21 governing council monetary policy meeting, released on Thursday, did little to discredit the view that its corporate sector purchase programme (CSPP) will last beyond March 2017.

  • CreditSights joins optimistic choir on HY

    Research house CreditSights on Thursday told clients that the high yield bond market should have a busy end of the year, a view that echoes the opinion of other market participants this week.

  • Dim sum bond issuance to spring back to life

    The offshore renminbi bond market has struggled this year thanks to a weakening currency and cheaper funding costs onshore. But a successful deal has raised hopes that issuance may pick up and that dim sum could yet become the go-to market for some borrowers. Narae Kim and Addison Gong report.

  • Chalco poised to extract unrated dollar bond

    Aluminum Corporation of China (Chalco) is out with a new five year on Thursday, having registered plans to sell a foreign currency bond with the National Development and Reform Commission last month.

  • USPP mart set to shake off summer slumber

    The subdued US private placement (USPP) market could be set to for a rush of deals in September, enlivening what has been a quiet year, writes Robert Cooke.