Corporate Bonds - Article Archive

  • Deutsche Bahn steams ahead

    Deutsche Bahn arrived with its first Kangaroo since 2018 this week. The MTN follows a quartet of public SSA issues that arrived earlier this week.

  • Sichuan Languang builds on April trade

    Sichuan Languang Development made a quick return to the market on Thursday, tapping bonds it sold in April in what was its fourth outing since debuting in the dollar market last September.

  • Reliance settles Schuldschein, the market dreams of more

    Reliance Industries settled its debut Schuldschein for €405m on Thursday, in a transaction which was widely considered a success — and promising for any arrangers looking to transport the instrument out of Europe.

  • Utilities look safe as trade alarms US investors

    US utilities continued to dominate dollar corporate bond issuance this week, as defensive names piled into the market before trade tensions slammed the brakes on supply on Wednesday. But issuers fought back on Thursday.

  • People news in brief

    Mizuho hires for new CLO role — Boskamp to join Crédit Agricole for corporate DCM — JP Morgan shakes up SSA team

  • Judgement day for Rallye/Casino

    Buyers of credit default swap protection on bonds issued by Rallye, the holding company of French supermarket chain Casino, will find out on Friday how their positions might be settled, reports Owen Sanderson.

  • Illinois Tool Works in tune with zeitgeist: likes yield not spread

    A rough day for the corporate bond market on Wednesday did not bother Illinois Tool Works, which pressed ahead with its three tranche euro bond issue anyway. Focused on the yields, it did not mind paying higher spreads. Bankers said this was typical of the continuing wave of Reverse Yankee issuers.

  • Bayport issues pioneering microfinance Social Bond

    Bayport, the Mauritius-based microfinance company, issued the first African ESG bond outside the supranational sector, printing a $260m three year at 11.5% on Wednesday, and obtaining a social bond second opinion from Sustainalytics, at the suggestion of arranger DNB Markets.

  • City of London to debut in US private placement market

    The City of London Corporation, via its endowment fund ‘The City’s Cash’, is set to enter the US private placement (PP) market for the first time. The funds will be partly used to finance the consolidation of the Billingsgate, Smithfield and Spitalfields wholesale food markets at a new site in Dagenham, Essex.

  • Huarong: too many cooks spoil the book

    Bigger is not always better. Just ask Huarong Asset Management, which appointed 30 banks to manage a deal that caused headaches for bankers and investors alike.

  • Agile’s dollar perp flounders after execution missteps

    Agile Group Holdings raised $600m from its latest perpetual bond sale on Monday. But the execution of the transaction came under fire from bankers away from the deal, and those on the trade admitted that things did not go as planned.

  • Kühne + Nagel debut gets investors moving

    It may have been a short week for Swiss franc investors, bookended by public holidays overseas and at home. But that did not stop them responding ravenously to Tuesday’s dual-tranche debut transaction from Kühne + Nagel, the borrower having presented to investors on Monday during a lunch in Zurich and a breakfast in Geneva the following morning.

  • Norske Skog prints 600bp comeback

    DNB Markets has issued Norske Skog’s comeback bond, printing a €125m floater at 600bp over Euribor to fund repayment of shareholder loans from Oceanwood Capital Management, the fund which bought the firm out of its insolvency in late 2017. It also plans to take out a securitization facility lent by Oceanwood.

  • Illinois Tools Works soaks up low rates in euros

    Illinois Tool Works issued what could be the only European corporate bond of the week today, as the market takes what could be a useful rest after a week marked by a touch of indigestion and some jitters about international politics and economics.

  • Roadshows mount up for early June corporate bonds

    European elections, which produced relief in much of Europe and some horror in the UK, have not fazed corporate bond markets. But they may have caused this week's dearth of issuance. Illinois Tool Works' three trancher on Wednesday may be the only fruit. But investors' diaries are filling up with roadshow dates.

  • MMK set to stage Eurobond comeback

    Magnitogorsk Iron and Steel Works, the second largest steel producer in Russia is embarking on a roadshow for a dollar benchmark five year bond — its first for 16 years.

  • Chongqing LGFV prices bond after bank merry-go-round

    Chinese local government financing vehicle Chongqing Nan’an Urban Construction and Development Group closed a $500m five year bond sale on Tuesday, but only after shifting some of the banks running the deal.

  • India’s Dial swoops in for $350m deal

    Delhi International Airport (Dial) offered investors a rare 10 year high yield bond on Tuesday, securing the company $350m from a more than six times subscribed order book.

  • Levfin gets ethical with Bayport, MasMovil

    Sub-investment grade markets are starting to follow high grade in using ESG structures, with a high yield issue from microfinance firm Bayport and a leveraged loan from Spanish telco MasMovil set to show whether the changes will help issuers cut financing costs.

  • Narrow windows this week and one has just gone

    Companies wanting to issue bonds in Europe this week will have to shoot their deals through narrow gaps between holidays, as Thursday is a holiday in several European countries, including France, Germany and the Netherlands.

  • Sterling Sonia switch within sight

    The speed with which sterling sub-sectors have switched their benchmark rate from Libor to Sonia has been astonishing. There’s still some way to go, particularly in the corporate market, but the transition, which looked almost unassailable in 2017, might just be done on time.

  • BanBra, Bradesco’s Cielo to tender for 2022s

    Cielo, the largest merchant acquiring and payment processing company in Brazil, is looking to raise a new domestic bond to finance the buy-back of a portion of its only international bond.

  • Acciona launches SSD as Italian and Spanish talk intensifies

    Spanish infrastructure and renewable energy company Acciona has returned to the Schuldschein market with a €150m-minimum triple tranche transaction. As lenders begin to loosen lines to Italy and Spain, arrangers said there may be more borrowers from those countries to come.

  • Mongolia shows strength even as deals fall short

    The second Mongolian issuer in as many weeks was forced to postpone a dollar deal last Thursday. But the failed trades are not indicative of the greater market in Mongolia, as three of the country’s dollar bonds were among the top performers in high yield last week.

  • Deutsche Bahn and Partners Group fire up Swiss francs

    The Swiss franc market for corporate borrowers sprang back to life this week, with more than Sfr1bn priced within a single session on Wednesday. Even against the backdrop of demonstrable pent-up demand for corporate exposure among investors, Zurich-based bankers said they were pleasantly surprised by how effortlessly the market absorbed this week’s new supply.

  • Green innovation: Dutch classify buyers, Germans mull strippable labels

    The green bond market is going through one of its most intense periods, with a wide variety of high profile issuers joining the market. But there are also hints of novelty in the market. The Netherlands and KfW have used systems for classifying green investors, while Germany is considering a radical idea: whether Bunds could be issued with detachable green certificates. Jon Hay reports.

  • ABP leads the way in switching FRNs to Sonia

    The UK corporate bond market is getting its first taste of a trend that could dominate liability management in the coming years. Associated British Ports this week asked holders of its £65m 2022 floating rate note to consent to switching the bonds’ reference rate from Libor to Sonia. Alex Radford and Ross Lancaster report.

  • Telenor and Symrise brave ‘tricky’ market as sentiment weakens

    A weakened corporate bond market on Thursday did not dissuade Telenor, the Norwegian telecoms company, from issuing a €2.5bn triple tranche deal. Competing for investors' attention was unrated Symrise, the German flavours and fragrances group, which managed to slash its pricing by 25bp-30bp without losing investors.

  • Utilities spark pre-holiday dollar rush

    Utility issuers led the way in the dollar corporate bond market this week, before the trade dispute between the US and China slammed the brakes on supply ahead of the Memorial Day holiday weekend.

  • Casino and Rallye request suspension after controversial divi

    French supermarket chain Casino and its holding company Rallye requested a suspension of trading across shares and bonds on Thursday, pending a release from the company. The move follows the group’s decision to pay a €52m dividend on Wednesday, despite the deteriorating liquidity position at the group.

  • GlobalCapital Bond Awards 2019 : the winners

    GlobalCapital revealed the winners of its 2019 Bond Awards at its annual Bond Awards Dinner at the Jumeirah Carlton Tower in London on May 22. The complete results are below. GlobalCapital congratulates all the winners and nominees.

  • Third time’s a charm for Kaisa

    High yield property company Kaisa Group Holdings sold its third dollar bond of the year on Wednesday, riding on the high of its recent rating from Moody’s to raise $400m.

  • Debuts still scarce but Novem steps up

    Genuinely new corporate high yield issuers have been vanishingly rare in 2019, but German car interiors maker Novem is bucking the trend with the €375m first time dividend issue it has been marketing this week.