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IAG's €1bn three times covered, VW gets €500m via Goldman
Two companies took advantage of a quiet market on Friday to issue euro bonds. International Airlines Group, owner of British Airways, Iberia, Aer Lingus and Vueling, issued €1bn of bonds that were more than three times covered pre-reconciliation, while Volkswagen Bank printed €500m solely led by Goldman Sachs.
28 Jun 2019 -
GlobalCapital opens 2019 poll for SRI Awards
GlobalCapital has launched its poll to determine the 2019 winners of its Sustainable and Responsible Capital Markets Awards. Market participants are invited to participate.
28 Jun 2019 -
ESR turns to debt after pulled IPO
ESR Cayman has turned to the debt market for a $175m bond tap, just two weeks after delaying its initial public offering in Hong Kong.
28 Jun 2019 -
Swiss mart clocks up bumper H1 despite drop in yields
Well over Sfr1bn ($1bn) of Pfandbriefe and covered bonds was printed within three days this week, rounding off what bankers say turned out to be a surprisingly good first half of the year for the Swissie market.
27 Jun 2019 -
Dollar bond market needs shot in the arm from AbbVie
The prospect of a blockbuster bond deal from US pharmaceutical group AbbVie was welcomed by dollar bond investors this week, after corporate issuance tumbled to its lowest monthly tally this year.
27 Jun 2019 -
AbbVie's $63bn acquisition to fuel M&A bonfire
AbbVie’s $63bn cash-and-shares bid for Allergan, a rival drug company, will add fuel to the pharmaceutical sector's M&A bonfire, with more jumbo deals expected before the year ends. A trip to the bond market for funds, including a large euro issue, is also likely, write Mike Turner and Alex Radford.
27 Jun 2019 -
SSD issuers cut floater spreads to compensate for floors
Schuldschein borrowers, with the help of arranging banks, are for the first time offering different pricing ranges on issues of fixed and floating rates, as the market tries to find ways of dealing with the prolonged period of negative interest rates.
27 Jun 2019 -
City of London launches US private placements
The City of London Corporation, via its endowment fund The City’s Cash, has launched first US private placements (PP), roadshowing the prospective notes this week and next. 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.
27 Jun 2019 -
Rallye CDS holders get 87.5% after bonds slide into auction
The auction to determine the credit default swap payouts over the safeguard proceedings of Rallye was held on Thursday, and gave protection buyers an 87.5% payout. The supermarket holding company’s bonds had slid roughly five points in the week before, to trade at around 15 ahead of the auction, but settlement interest was all on one side, pushing the final price to 12.5.
27 Jun 2019 -
Gatwick and Engie print as corps pace eases after deal glut
Gatwick, London's second airport, offered a £300m no-grow 30 year bond into a quieter corporate bond market on Thursday, while Engie, the French power and gas group, issued a €500m non-call 5.75 year hybrid. This slowing of issuance from the frenetic pace earlier in the week was welcomed by bankers concerned investors might have been overtaxed.
27 Jun 2019 -
Gansu LGFV ends busy week with popular bond
Gansu Provincial Highway Aviation Tourism Investment Group Co priced a $300m bond that was over eight times covered at its peak, in yet another busy week for issuance from Chinese local government financing vehicles (LGFVs).
27 Jun 2019 -
Weibo’s $800m debut tightens 10bp in aftermarket
Chinese social media platform Weibo Corp raised $800m from its inaugural dollar deal, with the bond tightening by 10bp in the secondary market on Thursday.
27 Jun 2019 -
China’s LGFV problem is far from solved
China’s tighter grip on offshore bonds from local government financing vehicles (LGFVs) has given a short-term boost to issuance volume in the past few weeks. But although the deal flow from the sector is set to slow down, concerns over LGFV risks are far from over.
27 Jun 2019 -
Buzzi Unicem returns to Schuldschein with tighter margins
Buzzi Unicem has returned to the Schuldschein market, looking for at least €100m of debt in four maturities. The pricing levels are tighter than on the Italian cement and concrete group’s debut Schuldschein in 2017. Bankers thought this was thanks to investors' growing familiarity with the borrower, as well as a rating upgrade from Standard & Poor's.
27 Jun 2019 -
Adani entices buy-side to dock cash in new notes
Investors embraced the duration offered by Adani Ports and Special Economic Zone this week, snapping up its $750m trade and pushing the order book to a hefty peak of $4.5bn.
27 Jun 2019 -
Motability, OMV and CNH pack busy market
Motability Operations Group, the UK company that operates the UK government's scheme to provide cars for the disabled, printed a £1.438bn-equivalent euro and sterling three tranche bond on Wednesday, in a busy day that also brought a €1bn two part issue from OMV, the Austrian oil and gas company.
26 Jun 2019 -
Ex-StanChart corporate banker joins Greensill
Sean Hanafin has moved to supply chain finance firm Greensill as vice-chair.
26 Jun 2019 -
Medtronic shows euro love again with €5bn including rare 30 year
Medtronic, the Irish-registered US medical devices maker, returned to the euro bond market on Tuesday for a jumbo issue of €5bn, only three months after issuing a €7bn deal - a move that highlights the attractiveness of the euro market. Once again, Medtronic is using the money to buy back dollar bonds.
26 Jun 2019 -
Carmignac takes two investors from Edmond de Rothschild
Eliezer Ben Zimra and Guillaume Rigeade will join Carmignac’s fixed income team next month to manage a multi-asset fund.
26 Jun 2019 -
Investors gobble up SMC's opportunistic return
SMC Global Power Holdings Corp (SMCGP) has added an opportunistic $300m to its coffers from a reopening of its popular 6.5% perpetual bond, spying a good window to return to the market.
26 Jun 2019 -
Bonds news in brief: CMB Leasing, LGFVs, developers price
CMB Financial Leasing raised $1bn from two dollar bonds on a day that a number of Chinese local government financing vehicles (LGFVs) and property developers also cashed in on the conducive market backdrop for new issuance.
26 Jun 2019 -
Fibra Uno beats broad volatility on bond return
Broader volatility could not interrupt Latin America’s rediscovered bond market momentum, as Mexican real estate investment trust (REIT) Fibra Uno tapped international investors for the first time in three years on Tuesday.
26 Jun 2019 -
Travelodge picks Brexit gap to refinance HY in sterling
Travelodge is planning to dip into the sterling market to refinance all its bonds, issuing up to £440m in senior secured floating rate notes. It would take advantage of a window for UK issuance before the likely resumption of political worries in the autumn as the Brexit deadline approaches.
25 Jun 2019 -
Vasakronan first to issue fully digital paper
Swedish real estate company Vasakronan last week became the first issuer to print a fully digitally issued bond. The 15 year Australian dollar note was also the first paper to be wholly processed on the Origin fintech platform.
25 Jun 2019 -
Prologis slashes spread as green bond heavily covered
Prologis European Logistics Reit, the A3/A- rated warehouse real estate investment trust, returned with its second green bond on Tuesday, having issued its first in March 2018.
25 Jun 2019 -
Regulators put manufactured CDS events in crosshairs
The US Commodity Futures Trading Commission and the UK’s Financial Conduct Authority have added regulatory pressure to the credit default swap market, pledging to clamp down on manufactured credit events.
25 Jun 2019 -
Porsche offers green Schuldschein for EVs
Porsche AG, maker of Porsche sports cars, has returned to the Schuldschein market, on the hunt for funds for research and development into electric cars, among other green projects.
25 Jun 2019 -
CGNPC reaps rewards of IG status
China General Nuclear Power Corp (CGNPC) raked in $600m on Monday from its third green bond sale, benefitting from investors’ eagerness for investment grade paper.
25 Jun 2019 -
Fosun locks in funding for tender, Kaisa tap raises $500m
Fosun International has raised a larger-than-expected $700m to help fund a tender offer that will close next week, while Kaisa Group Holdings was in and out of the market with a $500m tap of two existing bonds.
25 Jun 2019 -
Zhongyuan Yuzi puts past behind with strong bond comeback
Local government financing vehicle (LGFV) Zhongyuan Yuzi Investment Holding Group Co priced a $500m deal that was nearly six times covered, a year after cancelling a planned issuance, thanks to a combination of prudent execution strategy as well as improved sentiment on the sector.
25 Jun 2019 -
Lat Am’s biggest REIT could continue Mexico run on Tuesday
Fibra Uno, the largest and most diversified real estate operator in Latin America according to Fitch, could price a new dollar deal as soon as Tuesday.
25 Jun 2019 -
YPF return impresses but unlikely to trigger Argie flow
State-owned Argentine oil and gas company YPF became the first borrower from the country to tap international bond markets in 14 months on Monday. Yet despite a healthy reception from investors, bankers do not expect copycat trades from other Argentine issuers.
25 Jun 2019 -
Crédit Agricole CIB joins levfin and HY businesses
Crédit Agricole CIB has reorganised its leveraged credit business, bringing leveraged loan and high yield bond syndicate and sales together, while also combining LBO, telecoms, and high yield bond origination.
24 Jun 2019 -
CVC raises $1.4bn for global distressed strategy
Investment manager CVC Credit Partners has closed its latest fund, a $1.42bn vehicle that will focus on distressed opportunities across North America and Europe.
24 Jun 2019 -
Omnicom joins In’Li in corporate bond spate
Europe's investment grade corporate bond market began the week with a hefty pack of new bond issues, as issuers were spurred on to bring deals by last week's rally and the favourable performance of past prints.
24 Jun 2019 -
Artemis launches short end HY fund with ex-Kames staff
UK-based active fund manager Artemis has launched a short end high yield fund, to be managed by David Ennett and Stephen Baines.
24 Jun 2019 -
IAG roadshows for new €500m bond to fund CB tender
International Consolidated Airlines Group (IAG) is running a tender offer for its outstanding €500m 0.25% convertible bonds due in November 2020 and is considering replacing the CBs with new euro-denominated senior unsecured bonds.
24 Jun 2019 -
Forth Ports docks into US PP market
Forth Ports, the port operator with headquarters in Edinburgh, is marketing prospective US private placements this week.
24 Jun 2019 -
Wagner leaves Barclays
Rainer Wagner is leaving Barclays, six months after it was announced he would be taking on more responsibilities at the bank.
24 Jun 2019 -
Cielo buy-back gets sky-high response
Cielo, the largest merchant acquiring and payment processing company in Brazil, on Friday wrapped up a consent solicitation and bond buy-back for its global 2022s that will effectively split the note in two.
24 Jun 2019 -
CRCC sets benchmark for Chinese SOE sub perps
China Railway Construction Corp has priced an unusual $1bn subordinated perpetual bond, with more issuers expected to adopt a similar structure in the wake of new guidelines on accounting treatment for corporate perps.
21 Jun 2019 -
SriLankan Airlines flies in for $175m return
SriLankan Airlines made a triumphant return to the dollar market on Thursday, pricing a $175m bond on the back of a $1bn order book.
21 Jun 2019 -
Bonds news in brief: Chinese issuers take centre stage
Chinese local government financing vehicles (LGFVs) and property developers took advantage of positive sentiment after dovish comments from the Federal Reserve to flood the offshore market with bonds.
21 Jun 2019 -
Berlin rent freeze sends shivers through German housing finance
A corner of Europe’s capital markets that up to now has offered both stability and growth — German housing companies — has been thrown into turmoil by a five year rent freeze on all housing, proposed by the State of Berlin, write Silas Brown, Aidan Gregory and Jon Hay.
20 Jun 2019 -
Hot demand does not ensure easy bond sales
The dollar corporate bond market was ripe for new issuance on Thursday after the US Federal Reserve opened the door to a rate cut soon. But investors eager to buy were frustrated by a week of light issuance from infrequent issuers, which in some cases had to pay up for access.
20 Jun 2019 -
Europe preps for negative yield creep after fresh QE hints
Bond yields were in free-fall this week after the world’s two major central banks suggested they might ease their monetary policies further to prevent an economic downturn. With masses of global debt now yielding below 0%, some corporate and financial borrowers are standing on the brink of having to issue shorter term paper at negative rates.
20 Jun 2019 -
Volkswagen nearly five times covered in empty corporate market
One lone £350m bond, from Volkswagen Financial Services, crept into the European corporate bond market on Thursday, as a public holiday in parts of Germany left the euro market without a good chunk of its investor base.
20 Jun 2019 -
Swedish krona prepares for midsummer break
Issuance in Swedish kronor picked up this week, with three corporate issuers placing Skr6.28bn ($667.9m) across four private placements, as issuers looked to get in ahead of the midsummer break. In euros, a Dutch and French agency both placed paper, while protests in Hong Kong caused yields to spike in offshore Chinese renminbi and Hong Kong dollars.
20 Jun 2019 -
PGS pulls refi citing ‘weaker investor sentiment’
Norwegian oilfield services firm Petroleum Geo Services has pulled its planned refinancing, citing "increased volatility in the capital markets" and "weaker investor sentiment towards oil field service".
20 Jun 2019 -
United preps tap for Croatian purchase
United Group has launched a €200m add-on to finance its acquisition of Tele2 Croatia.
20 Jun 2019
Corporate Bonds - Article Archive