Corporate Bonds - Article Archive

  • Virgin Media launches $3.4bn refi after Salt secures better bond price

    Virgin Media launched a refinancing of its $3.4bn senior secured term loan B, with a combined offering across sterling bonds, and euro and dollar loans. The move comes two weeks after Swiss telco Salt proved that bonds could price meaningfully tighter than leveraged loans for the right issuer, and Virgin also saw a strong result.

  • Alstom arranges roadshow in silent market

    Alstom, the French maker of railway rolling stock, was the only high grade company to announce any corporate bond activity on Monday, as a public holiday in Germany and the huge flows of the last month kept the new issue market shuttered.

  • Suez issues rare 40 year US PP

    Suez Water Resources, the US subsidiary of Suez, the French water and waste management company, has issued $375m of US private placements, with the longest note expiring in 40 years — a rarity for dollar PPs.

  • Japanese business looks outward, funding follows suit

    Japan’s mature, growth-starved economy has little slack for its banks and corporations to enjoy. Expansion seems possible only through the pursuit of opportunities abroad, and as a result, Japanese borrowers are turning to the international market in unprecedented numbers. The global economy, which has its own problems of slowing growth, brings new challenges and opportunities. Lewis McLellan reports

  • Samurai no longer the only choice for international issuers

    An explosion of international issuance in yen is being accompanied by a re-evaluation of traditional routes of access into Japanese capital markets. Euroyen deals and Tokyo Pro-Bonds are rapidly establishing themselves as viable alternatives to the Samurai bond market. Tyler Davies reports.

  • ZF Friedrichshafen shy of record with latest SSD

    German car parts maker ZF Friedrichshafen has closed its Schuldschein and agreed to take just over €2bn, according to market sources. Schuldschein participants believe this demonstrates the private market’s ability to compete with its public equivalents.

  • Zhongliang makes swift return after debut for $100m tap

    Zhongliang Holdings Group Co, the Chinese high yield property company, returned to the dollar bond market on Friday, adding $100m to its coffers in a tap of its maiden 2021 bonds, issued only the week before.

  • Investors tender GE debt in droves

    General Electric has announced the early bird results of a multibillion dollar and euro bond buyback and cut the offer period after a huge response from early deadline investors.

  • Gasunie ratchets in spread and extends curve

    The corporate bond market took its foot off the gas a little on Thursday, and Dutch gas distribution firm Netherlands Gasunie had the market to itself as it extended its curve by three years.

  • BIS launches green bond fund for central bank FX piles

    In the latest dimension of global central banks’ interest in sustainability, the Bank for International Settlements has established a dollar green bond fund for central banks' foreign currency reserves. The aim is to let them incorporate environmental criteria into reserve management without overly damaging the liquidity and value of their reserves.

  • Adani seeks US PPs to reopen Indian mart

    Adani Transmission, the Indian power grid company, is marketing a debut US private placement, according to several market participants, who are watching the potential deal closely to see if it could spark a return for Indian names in the sector — a decade after it was burnt by a deal gone awry.

  • Blackstone tilts the odds, takes cash out of Cirsa

    Cirsa, a Latin America-focused gambling company owned by Blackstone, raised new PIK toggle debt this week to pay a dividend, thereby derisking its initial investment — by selling bondholders what looks like a top-of-the-market trade. But the company generates plenty of cash, and investors showed up in force, allowing it to boost the size of the bond and associated payout.

  • Road King makes most of HY demand

    Investors’ hunt for yield worked in Road King Infrastructure’s favour, with its $480m bond eight times covered at the peak. Most accounts stayed in the trade despite its tight pricing.

  • Hong Kong bonds to face real test as dollar deal pipeline builds

    Hong Kong Telecommunications (HKT) proved this week that investors are still eager to buy bonds issued by companies with a focus on the Hong Kong SAR, despite the ongoing political turmoil. But that confidence will face a big test as names such as Cathay Pacific and Li & Fung get ready to hit the market. Addison Gong reports.

  • Zensun, Liuzhou LGFV compromise on price for debut bonds

    Chinese real estate firm Zensun Group and local government financing vehicle (LGFV) Guangxi Liuzhou Dongcheng Investment Development Group Co have sold their first dollar bonds, but had to manage their expectations on a busy day for issuance.

  • Gasunie eyes 12 year new issue after tender

    Nederlandse Gasunie, the Dutch natural gas infrastructure company, is looking to print a fresh 12 year euro benchmark bond as early as Thursday, as it wraps up a tender offer for €1bn of older notes.

  • Infineon, BMW continue corporate rush to market

    Europe’s high grade corporate bond market maintained its steady flow of new issues on Wednesday, with Infineon Technologies heading into the euro market for a dual tranche hybrid, while BMW drove by in sterling and more names populated the pipeline.

  • Nuclear and governance to be pressure points in Taxonomy trilogue

    National governments of the European Union have reached agreement on the law that will implement the Taxonomy of Sustainable Economic Activities, even though Germany, Austria, Luxembourg and Greece are unhappy that nuclear power has not been specifically excluded. There could be fights over that issue when the Parliament and Commission negotiate with the Council in a 'trilogue'.

  • UBS hires green bond expert from SEB

    UBS has hired an experienced green bond banker from SEB to lead its effort in that fast-growing market, from a base on the London syndicate desk.

  • HKT thrives on rare visit to dollar bonds

    Investors gobbled up Hong Kong Telecommunications (HKT)’s $500m bond outing, despite a busy day for new issuance and the ongoing turmoil in the Hong Kong SAR.

  • The path to zero carbon: fast will mean firm

    Investors and banks are pledging right, left and centre to fight climate change. Good for them — but the economy must get to carbon neutrality as soon as possible. This cannot be done until banks and funds refuse to fund more fossil fuels.

  • Rare Henkel finds success in threes and sevens

    Infrequent issuer Henkel made a decent return to the bond market in a dual tranche intraday transaction on Monday, with the chemical and consumer goods company shrugging off concerns about its longer duration tranche to print £750m.

  • Elis prints high yield issue… at 1%

    French laundry firm Elis launched a dual tranche bond issue on Tuesday, achieving a coupon of just 1% for a high yield-rated issue, and stacking up a book of over €2bn.

  • DP World launches sustainable finance framework

    DP World has become the third Middle Eastern borrower to launch a sustainable finance framework — a preparatory move ahead of a debut green bond. More issuers from the Middle East are expected to follow suit.

  • Natixis leads way with green/brown capital tilt

    Natixis has become the first bank to introduce a green weighting factor to its internal capital model, so that the way it prices loans is skewed to favour environmentally sound assets and disadvantage polluting ones. The ground-breaking move brings to fruition an 18 month project and anticipates what some believe may one day be demanded by regulators.

  • Zhenro grabs $300m from tight bond comeback

    Two Chinese companies tapped dollar bond investors on Monday. One of the most active issuers this year, Zhenro Properties Group, came out with an aggressively priced $300m transaction, while a district-level government financing vehicle sold its debut offshore deal.

  • Thomas Cook collapse to leave bondholders almost empty-handed

    UK tour operator Thomas Cook’s default could come close to annihilating the bondholders’ positions, leaving them only with a few cents on the euro, the liquidation analysis shows. The 178-year-old company tried feverishly to secure a £1.1bn rescue package over the weekend but collapsed on Monday.

  • Henkel keeps high grade corporate bonds motoring

    Germany’s Henkel, a chemical and consumer goods company, launched a dual tranche sterling bond on Monday, as bankers said the busy high grade market was showing signs of saturation.

  • ITV agrees €506m debt buyback

    ITV, the UK television company, expects to buy back about €506m of its 2022 and 2023 bonds in a tender offer, days after pricing fresh bonds.

  • Li & Fung, PTT jump on LM bandwagon

    Hong Kong-based Li & Fung and Thai state-owned PTT have kicked off their liability management programmes, and plan to support their tender offers with new bonds.

  • Taxonomy negotiations go nuclear

    Talks on finalising the European Union law to introduce the much-discussed Taxonomy of Sustainable Economic Activities are at a sensitive stage. Countries disagree on what the Taxonomy should be, and although a compromise position is emerging, issues including nuclear power remain highly contentious.

  • DP World running tender for pair of notes

    DP World, the company responsible for operating Dubai’s ports, is buying back two of its outstanding bonds, becoming the fifth EM borrower to do so in September.