High Grade

  • Social revolvers: the feelgood hit of the summer

    Social revolvers: the feelgood hit of the summer

    Canny loans bankers have devised a social revolving credit facility structure that links a portion of a borrower’s debt directly to Covid-19 era relief spending. It’s a structure that won’t take the markets by storm on what is likely the eve of global recession but ESG-minded investors should still push hard for the companies they own to consider this new type of funding.

  • Hyde Housing holds calls for long dated sterling

    Hyde Housing holds calls for long dated sterling

    Hyde Housing, a UK housing association, held an investor call on Monday for a long dated sterling benchmark-sized bond, with bankers assessing demand for high grade debt in the currency is at a high.

  • Vanguard Group sells largest deal in US PP history

    Vanguard Group sells largest deal in US PP history

    The Vanguard Group, the US asset manager which pioneered low cost, index-tracking investment, has sold $3bn worth of private placements. According to GlobalCapital data, this deal is the largest ever recorded in the US private placement market.

  • Utility stalwarts vanish from PPs as buyers cling to yield targets

    Utility stalwarts vanish from PPs as buyers cling to yield targets

    Regular credits in the private placement markets in Europe, like UK utilities, have disappeared from the scene since the coronavirus pandemic began because investors have not managed to reduce their yield targets to compete with pricing in public markets. Silas Brown reports.

  • Prosus wows in euro debut with books 13.5 times oversubscribed

    Prosus wows in euro debut with books 13.5 times oversubscribed

    Prosus made a barnstorming debut in the European bond market this week, a day after an impressive dollar trade. The Naspers e-commerce vehicle, which attracts investment grade and emerging market investor interest, saw €13.5bn of demand for its €1bn deal.

high grade news archive