Corporate Bonds - Article Archive

  • Uniper leaves the pipeline with two year offering

    Uniper, the German power and gas company on Wednesday issued its first public bond since spinning off from E.ON earlier this year, tapping the short end of the curve with a two year offering.

  • Bond to loan wave to shake HY in 2017, says Fitch

    Bankers and investors are still complaining about the lack of single-B rated issuers in the European high yield market this year, but 2017 will bring little relief, Fitch said on Wednesday.

  • CETIN finds west is best with €625m trade

    Czech telcoms firm Ceska Telekomunikacni Infrastruktura (CETIN) attempted to throw off any emerging markets tag it bears on Tuesday, printing a €625m trade after a long marketing period tailored to investment grade funds in western Europe, according to two bankers on the deal.

  • EM does bonds, just not for EM investors

    It was all about the crossover trade this week in emerging market bonds. Borrowers located in EM countries, but appealing to buyers of western European credit and rates products have left EM funds have little to play with in the primary markets.

  • SPIC fires up $1.2bn dual-trancher despite volatility

    State Power Investment Corp (SPIC) fired the starting pistol in Asia’s dollar bond market this week, selling a $1.2bn dual tranche offering on Tuesday. The state-owned enterprise played off its strong name and high rating, and ended up paying little by way of new issue premium, even though the market was volatile.

  • Corporate bonds' final feast under way but fat premiums required

    Investment grade corporate bond issuance kept up a steady pace this week, as borrowers took advantage of one of 2016’s last clear weeks for issuance. But far from being putt off by new issue premiums growing plump as turkeys in a market worried about interest rate risk, issuers know conditions could well be worse in the new year.

  • Chinese issuers storm Asia DCM in pre-December flurry

    Asia’s debt capital markets opened with a bang on Wednesday with five issuers fighting for attention. Investors have plenty of choice including a euro deal and a trio of dollar offerings from Chinese FIG and corporate names.

  • Catalent Pharma pumps HY to fund M&A

    US drugs specialist Catalent Pharma on Tuesday began offering its debut euro bond to investors as it sought funding for its acquisition of peers Pharmatek and Accucaps.

  • CETIN launches five year bond, sweetened with rating step-up

    After several weeks of discussions with investors Ceska Telekomunikacni Infrastruktura (CETIN) finally hit the screens with a new bond on Tuesday – though it had to sweeten the deal with a coupon step-up – and had pulled in over €1.4bn of orders by mid-morning.

  • Bank on today, not tomorrow

    The uncertainty fueled by the events of 2016 has left the markets shaken with many issuers reticent about launching new deals before the end of the year. But borrowers keen to put the year behind them should think twice about betting on 2017. With impending elections in Europe and Donald Trump’s inauguration, there is plenty that could cause markets to unravel in the first quarter.

  • Singapore, HK investors gobble up Loncin dim sum

    Loncin’s debut international bond squeaked into the quiet dim sum market on Monday, raising Rmb800m ($116m). However, the outlook for offshore renminbi debt remains poor as issuers and investors stay away.

  • China's SPIC powers up dual-trancher

    State Power Investment Corp (SPIC) kicked off this week's Asia bond market, opening books to a dual-tranche offering on Tuesday morning Asia time.

  • Severn Trent breaks sterling silence

    Severn Trent issued the first corporate deal for a month into the sterling market bond market on Monday as it tapped investors for a 15 year transaction.

  • PfP moves into Orb market in time for Xmas

    The London Stock Exchange’s Orderbook for Retail Bonds is not yet done for the year, with UK housing company Places for People (PfP) on Monday opening books for a sterling retail bond, the market’s fourth deal of 2016 — and the first in nine months.

  • Thomas Cook increases sterling deal to £500m

    After almost two years away from the market, Thomas Cook opened a three day roadshow on Tuesday for a new euro deal, which will redeem its only sterling bond and portions of its 2020 euro notes.

  • Loncin breaks dim sum silence with debut

    Chinese auto company Loncin Holdings launched a new dim sum bond Monday, the issuer’s first international market transaction, as two other Chinese names issued mandates for their own debuts.

  • Zhenjiang LGFV debuts with $230m bond

    Zhenjiang Cultural Tourism Industry Group wrapped last week's busy period in Asia ex-Japan debt capital markets with a three year offering.

  • Swisscom wins third negative NIP of 2016

    Swiss telecoms company Swisscom took domestic investors on a trip down negative lane on Wednesday as it printed a Sfr200m ($197.5m) eleven year note with a 9bp negative new issue premium.

  • China LGFV prices $120m deal on Thanksgiving

    Chinese local government financing vehicle Shaanxi Xixian New Area Fengxi New City Development and Construction (Group) Co tiptoed into the market on Thanksgiving Thursday, launching and pricing a new $120m deal by lunch time.

  • Wake up, FCA: active managers are the market

    There may be grounds for criticising the UK’s asset management industry, as the Financial Conduct Authority has done this week. Finding that price competition among active managers is weak, it proposes new regulations to make charges and policies clearer.

  • Rate risk spurs US PP to record numbers

    European and UK issuers have driven the US Private Placement (US PP) market to near record highs, despite concerns around the Brexit vote and US presidential elections. Now, the prospect of the end of an era of record low rates could push volumes to unprecedented levels, writes Elly Whittaker.

  • Credit traders prepare to price new debt tier

    The European Commission this week announced a banking reform package that will result in changes to the CRR and CRD IV capital requirement legislation, as well as changes to the BRRD and SRMR legislation relating to recovery and resolution of failing financial institutions. The package is very broad, so we won’t attempt to comment on all of the measures.

  • Autostrade closes long deal amid rates jitters

    Autostrade per L’Italia hit the euro bond market for a long 10 year transaction on Thursday, selling to a euro investor base that is still cool on longer dated maturities.

  • Chinese issuers price ahead of holidays

    China Aluminum International Engineering (Chalieco), ICBC International and Changsha Pilot all walked away with fresh funds on Wednesday, pricing their deals ahead of Thursday’s US Thanksgiving holiday.

  • Shaanxi LGFV pushes ahead with dollar deal

    Shaanxi Xixian New Area Fengxi New City Development and Construction (Group) Co was the lone name out in the Asia dollar debt market on Thursday following a frenzied start to the week.

  • Corporate issuers dive through deal window as outlook darkens

    New issues are coming at a relentless pace in the European corporate bond market, despite an increasingly uncertain medium term outlook for rates and spreads. Issuers are hitting the market with the same force as during the bull run between March and September.

  • Anchor investors secure Ping An deal

    Ping An Real Estate raised $300m in its debut deal, relying on the security of anchor investors before opening its trade on Tuesday morning.

  • Chinese names take centre stage in DCM

    Chinese issuers stormed the primary debt market on Wednesday with Export-Import Bank of China, China Aluminum International Engineering Corp (Chalieco) and Changsha Pilot Investment Holdings Co among the borrowers attracting bids.

  • SES backs M&A with second hybrid of the year

    SES, the Luxembourg-based satellite operator, issued its second hybrid bond of the year on Tuesday as it pounced on a calm day in the euro corporate bond market and captured an increase in risk sentiment.

  • Abengoa rises from ashes of restructuring

    Shareholders of Abengoa on Tuesday endorsed a landmark debt restructuring for the renewable energy company — and averted the largest corporate bankruptcy in Spain’s modern history.