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◆ UK defence company returns after seven year absence ◆ Sticky book as investors seek rare sterling supply from the sector ◆ Deal pays only small single digit concession
◆ UK supermarket chain takes euro route ◆ Demand holds firm despite sharp spread tightening ◆ Small new issue concession on offer
Four tranche deal could raise at least €2bn
Only a handful of names tapped the market ahead of Independence Day
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Chinese state-owned Chongqing Energy Investment Group Co has revealed that it has overdue payments on some of its onshore bank debt, confirming rumours that caused a plunge in its dollar bond price and triggered volatility in related names last week.
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Ahold Delhaize, the Dutch food retailer, has mandated banks for a debut sustainability-linked bond, as it continues to push its capital structure towards socially conscious financing.
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Heathrow, the London airport, landed a solidly executed £350m seven year bond on Tuesday, carried by the strong tailwind of the UK moving out of coronvirus lockdown.
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Bookrunners for APA Group, the Australian gas and electricity company, had a rough time in the euro and sterling bond markets on Tuesday, and they only managed to nudge spreads tighter.
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The secondary Schuldschein market, typically something of a backwater, has become a torrent of activity and is now busier than the product’s primary market, according to several sources, as banks rush to buy assets ahead of an ECB deadline for cheap funding on March 31. However, there are fewer banks deleveraging from their risk-weighted assets, and many more buyers than sellers.
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Energy Capital Partners, a UK private equity company, has signed £192m in loans and trade finance facilities, refinancing debt for gas turbines that have been linked to the transition to carbon neutrality in the UK.