Corporate Bonds - Article Archive

  • Auchan sells first bond since downgrade

    French supermarket chain Auchan Holding on Tuesday came to the bond market for the first time since Standard & Poor’s downgraded its ratings from A- to BBB+ in April, but demand for the credit was said to be “bullish”.

  • SGS serves up nines to hungry Swiss market

    SGS, the A3 rated testing and inspection company, offered a nine year bond to a Swiss market in search of corporate paper this week. Books were open for just 45 minutes before the Sfr375m ($378m) maximum mandated size was reached.

  • Trump timebomb ticks but where is the vol?

    In an age of irony, financial markets are hitting their peak. Measures of volatility, across almost any asset suggest squeezed trading ranges and pricing exactitude just as the most volatile US president in living memory settles into his new job. Something has to give.

  • Corporate market deflects duration risk as ECB ramps up

    Despite months of grumbling about duration risk, corporate bond buyers are still taking down long dated euro offerings, with investors swelling the order books for a 10 year Deutsche Telekom trade this week. But some of the attention previously lavished on the long end is now benefiting crossover credits, writes Ross Lancaster.

  • Debut issuer Kernel helps grow trust in Ukraine

    Agribusiness Kernel proved the right credit to bring Ukrainian corporates in from the bond market on Tuesday. After a rough ride of corporate restructurings, the inaugural issuer was able to garner the confidence and trust of investors to raise $500m.

  • EDF opens Samurai green market with ¥137bn

    Electricité de France returned to the yen bond market in style last Friday, as it printed a four-tranche deal that included the longest ever Samurai note and the market’s first green bonds.

  • European HY ducks latest US loose cov craze

    While fund managers and issuers' law firms in the US go to war over protection covenants for high yield investors, European market participants are intent on dodging a similar conflict. But investor advisers say bond buyers should check the fine print in Europe, too.

  • Atlantia brings holdco deal

    Italian infrastructure holding company Atlantia followed on from a Wednesday investor call with a benchmark eight year trade on Thursday.

  • HY funds begin to differ on US market

    Schroders this week launched a global high yield fund with US exposure, while BNP Paribas IP announced it will reduce holdings of US corporate high yield bonds.

  • Jain Irrigation waters green market with debut $200m

    India’s Jain Irrigation Systems sold its maiden international deal on Wednesday, taking $200m from Asia’s first green bond of the year. Finding comparables was a big challenge given the issuer’s focus on irrigation for agriculture, with the leads juggling feedback from investors to find the right price. Rashmi Kumar reports.

  • Vedanta strikes gold with new $1bn outing

    Vedanta Resources has become the first Indian high yield issuer this year, raking in $1bn from a 5.5 year transaction. A strong rally in its outstanding bonds, combined with a turnaround in both the company’s credit and the commodities industry, ensured tight pricing and a successful outcome.

  • Corporate, HY issuance slows but bid is still keen

    Corporate bond issuers are still coming to the euro market, but at a slower pace than in the past fortnight — perhaps a good thing, as signs of indigestion began to creep into the secondary market last week, and some new issues traded weakly.

  • Reverse enquiry fuels Fujian Zhanglong tap

    Fujian Zhanglong Group Co raised $150m from a tap on Tuesday, in a deal driven by reverse enquiry and anchored by indications of interest ahead of launch.

  • Vedanta strikes gold with new $1bn outing

    Vedanta Resources has become the first Indian high yield issuer this year, raking in $1bn from a 5.5 year transaction. A strong rally in its outstanding bonds, combined with a turnaround in both the company’s credit and the commodities industry, ensured tight pricing and a successful outcome.

  • EDP slips into crossover stream

    Energias de Portugal drove into the euro bond market on Tuesday with a €600m long six year transaction that tapped into investors’ taste for crossover credit.

  • Zug Estates offers fair housing to Swiss investors

    Swiss listed property company Zug Estates offered a Sfr100m ($100m) five year bond to Swiss investors on Tuesday. While the order book for the triple-B notes was oversubscribed , investors were firm in their preference for tenor.

  • Diversification demand fuels Biostime $200m tap

    Biostime International ventured out to the debt market on Monday with a tap of its outstanding five year bonds. Thanks to strong momentum, the issuer decided to raise $200m instead of the initial target of $150m.

  • Shui On 6x subscribed on new $500m four year

    Shui On Land secured a $500m four year bullet on Monday from an order book more than six times subscribed, showing the continued interest from investors in Chinese property names for the right price.

  • Neerg Energy eyes secured green bond

    Neerg Energy is set to become the second Indian corporate to sell a dollar green bond, having hired six firms to arrange meetings with global accounts on Tuesday.

  • Vedanta rides ratings boost to launch new deal

    Metals and mining company Vedanta Resources jumped back into the international market on Tuesday with a 5.5 year transaction, hoping to secure a dollar deal before markets become quiet for the Chinese New Year holidays.

  • B&M extends sterling HY issuance lead

    Discount retailer B&M will launch on Tuesday its £250m debut high yield bond in a so far ‘hard Brexit’-proof sterling market — but some investors are already warning about a potential glut of supply.

  • Safe landing for Hong Kong Airlines' $250m perp

    Hong Kong Airlines was among the many borrowers that squeezed through a narrow issuance window last week before Chinese New Year. Its first senior perpetual, which has been sometime in the making, soared with strong private bank demand.

  • China's Shui On Land, Biostime chase deals

    Chinese companies Shui On Land and Biostime International are looking to raise funds from the dollar debt market, launching their respective deals on Monday morning.

  • Channel Islands snap NewDay LBO bond listing

    The European high yield bond market priced on Friday its third deal listing on the Channel Islands this year, a £425m bond to finance NewDay’s acquisition by Cinven and CVC.

  • Zhuhai Huafa puts down dollar marker

    Zhuhai Huafa Group Co on Thursday rolled out a three year dollar offering. It was not an easy task to find a direct comparable due to the debut status of the issuer and its credit strength compared to some other names, admitted bankers.

  • Hong Kong Airlines pursues senior perp

    Hong Kong Airlines, whose biggest shareholder is China’s HNA Group, was marketing a senior perpetual non call 3.5 year bond on Friday, driven by anchor interest.