Corporate Bonds - Article Archive

  • Size isn't everything: Euro PP market shows its subtle strengths

    While Euro PP volumes have dipped this year, the number of deals has been about the same as 2015. While the nascent market finds its place in the corporate finance landscape, 2016 was either a heart-warming, or heart-wrenching year for Euro PP.

  • LSE’s retail bond market comes through year of hard knocks

    It was another quiet year for issuance on the London Stock Exchange’s Order Book for Retail Bonds, while unfortunate bondholders of oil and gas developer Enquest, which listed its issues on ORB, had to deal with a restructuring. But investors on the platform have stood firm during the tough times, and are still ready to take down new issues.

  • Fitch adds to sobering view on HY in 2017

    Fitch on Thursday left a cautionary message on the high yield market's prospects for next year: issuance will be tame, especially from single-B borrowers, and there are several reasons for that.

  • Fantasia meets year-end goal with tap

    Chinese property developer Fantasia Holdings Group added $100m to its existing five non call three notes with a tap on Tuesday, reaching its goal to raise $500m from the dollar debt market this year.

  • CSPP ready for the chop, say investors

    A majority of credit investors believe the European Central Bank will begin to wind down its Corporate Sector Purchase Programme from April next year, according to a Bank of America Merrill Lynch survey published on Tuesday.

  • Expect larger volumes from foreign issuers in Swiss market

    The Swiss market shed roughly Sfr3bn ($2.93bn) of foreign issuance this year from last year. Expensive basis swaps and cheap funding for investment grade borrowers in euros and dollars drew foreign issuers away. But, if global rates rise next year, the foreign borrowers will return, Swiss bankers say.

  • Schuldscheine in 2016: a year of firsts

    The Schuldschein market grew sharply in 2016, adopting issuers from new sectors and jurisdictions as well as first time arrangers and investors. The market is expected to maintain healthy volumes and international growth in 2017, though with investor capacity stretched to the limit, volumes are not expected to exceed the levels seen this year.

  • Fantasia builds demand for $100m tap

    Chinese property developer Fantasia Holdings Group is looking to raise up to $100m from a tap of its existing notes, opening the deal on Tuesday morning.

  • January looking bleak for corporate bond issuance

    More investment grade companies are known to be preparing bond issues than usual at this time of year, but January is still likely to be a muted month for issuance, say some market participants.

  • US dollar losing appeal for European HY

    The stream of dollar issuance from European non-investment grade companies may thin in 2017, market participants believe, as central banks in the US and Europe further diverge their monetary policies.

  • Advisory body tells HK to speed up Bond Connect

    The Hong Kong Financial Services Development Council (FSDC) has recommended the city to speed up the implementation of Bond Connect to strengthen its position as a global offshore renminbi hub.

  • China Grand Auto adds $100m from tap

    China Grand Automotive Services raised an additional $100m last Friday from a tap of its perpetual non call three notes, to repay debt and for general corporate purposes.

  • China Vanke brings home $600m in market return

    China Vanke Co bagged $600m on Thursday from its first international bond in more than three years, sneaking into the market the day after the Federal Reserve announced a rate hike.

  • Xuzhou LGFV nets $200m from club-style deal

    Xuzhou Hi-Tech Industrial Development Zone State Asset Management Co raised $200m in its inaugural offshore deal, paying up more than expected to appease investors.

  • New climate risk push a game changer but investors call for mandatory rules

    The risk of a devastating collapse in oil and gas companies’ share prices, when investors suddenly start pricing in climate change, is one scenario financial regulators are trying to ward off with the launch of new guidelines this week, which are a milestone in the world’s response to global warming.

  • End of the euro mart's reverse Yankee rush?

    After a fall in 2016 supply, the allure of euro bonds for US issuers looks to be set on a path of relative decline, as the market loses its technical shine and faces the prospect of cash repatriation for corporate America.

  • US DCM bankers not scared of the Fed after hawkish hike

    United Healthcare Group became the first dollar issuer to jump into the market after the US Federal Reserve’s hawkish hike led to a sell-off in Treasuries amid predictions that 2017 could prove to be a more subdued year for high grade supply.

  • Corporate spreads hold steady in face of Fed fears

    Corporate credit withstood the jitters in government bond markets that followed the US Federal Reserve’s decision to hike interest rates on Wednesday, passing the test on its last risk event of the year.

  • Elazig Hospital PPP leads the way for EM infrastructure financing

    Turkey’s Elazig Hospital has placed an innovative project bond, the structure of which enabled it to achieve a rating two notches above the Turkish sovereign. With infrastructure financing needs huge in the emerging markets, the deal sets a strong precedent for future issuance.

  • Innogy over first hurdle in €10bn debt transfer

    Innogy, the renewables, retail and grids subsidiary of RWE, is on course to be made liable for €10.1bn of bonds issued by its parent, after gaining approval from a majority of bondholders for a consent solicitation this week.

  • New Year, new struggles for Chinese offshore bonds

    The many Chinese issuers seeking offshore funding will need to negotiate a delicate dance in the new year. Volatility has rocked markets in the last 12 months, meaning issuers will have to stay nimble if they want to garner investor attention. Morgan Davis and Addison Gong report.

  • Shandong Ruyi rakes in $250m from debut outing

    Shandong Ruyi Technology Group grabbed the market’s attention with its debut international bond on Tuesday, reeling in investors searching for an alternative to notes from local government financing vehicles.

  • Xuzhou LGFV, China Vanke out for dollars post rate hike

    Local government financing vehicle (LGFV) Xuzhou Hi-Tech Industrial Development Zone State Asset Management Co and property developer China Vanke Co announced their respective dollar-denominated bonds on Thursday, following the US Federal Reserve’s decision to lift interest rates.

  • Chinese LGFVs set to build on strong 2016

    Chinese local government financing vehicles (LGFVs) have been one of the key drivers of bond volumes this year as they hit the international market in large numbers. The increasing supply means there is more scrutiny of the underlying risk but the sector looks set for another bumper year in 2017. Addison Gong reports.

  • Investors jumpier in 2017, says Rothschild’s Savvides

    Corporate investors have taken some significant political shocks in their stride this year but Christian Savvides, co-head of European debt advisory at Rothschild Global Advisory, warned the ride might be bumpier in 2017.

  • Eurohold refines guidance to 8.25% area

    Eurohold, the unrated Bulgarian insurance and leasing group, refined guidance on Tuesday for a €50m five year EMTN to 8.25% area and said indications of interest were in excess of €45m.

  • Shandong Ruyi draws interest for $250m

    Shandong Ruyi Technology Group issued its debut international bond on Tuesday, continuing the trickle of year end issuance from China ahead of the expiration of regulatory approvals.

  • Tradeweb reports big boost in credit volume

    Tradeweb Markets, the New York-headquartered fixed income, derivatives and exchange trader fund marketplace provider, has reported a big rise in credit volume for November in both the US and overseas.

  • Supportive corporate conditions come too late for 2016

    European corporate bond players still have a chance to end the year on an upbeat note as market conditions improve ahead of the US Federal Reserve Open Market Committee’s Wednesday meeting, but windows for issuance to seize the opportunity in primary are limited.

  • What’s wrong with Spanish HY builders? Management, says CrS

    Spain’s construction sector has been a sore point in the high yield market this year, with three of its big hitters either in distress, debt restructuring or increasingly surrounded by accounting disputes and corruption. Investor adviser CreditSights this week said major shareholder families behind those companies bear some responsibility.

  • Chinese LGFVs in focus on four-bond Friday

    Four local government financing vehicles (LGFVs) ventured into the debt market last Friday, raising a combined $615m. The high yield issuers flocked out to take advantage of regulatory approvals that will expire at the end of the year.

  • Chinese LGFVs rush out before Christmas holiday kicks in

    Local government financing vehicles from China brought out a parade of deals on Friday, with issuers including those from Jiangsu and Shanxi fighting for investors' attention in the Asia ex-Japan debt capital markets.