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UKPN purchase seen as positive by rating agencies, leads to senior and hybrid upgrades
◆ Deal spans euros, sterling and dollars ◆ Wide range of US TMT comps used ◆ Slim premiums needed for euro tranches
◆ Telecoms firm takes €1.5bn ◆ Some premium needed at the long end ◆ Demand highest for shortest tranche
◆ Japanese firm guides debut euro deal tight ◆ Endeavour attracts strong demand ◆ Sales follow multi-day marketing exercises
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UK water companies have a tricky December to navigate. The UK opposition Labour Party on Thursday made an election pledge to renationalise them, while they also face regulators' desires to toughen the financial regime under which they operate. Silas Brown reports.
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The retirement of Samir Assaf, HSBC’s long-serving head of global banking and markets (GBM), paves the way for a long overdue restructuring of that division. This will test the bank’s new-look management team.
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A rare borrower from New Zealand, telecoms infrastructure group Chorus, is to roadshow for a bond in Europe, as the continent's mountain of rated corporate debt reached €6.4tr.
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Severn Trent, the UK water company, has hired banks to arrange a roadshow, so that it can market its new sustainable finance framework to potential bond investors.
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Fidelity National Information Services, the US financial software company, returned to the euro and sterling bond markets with a second multi-tranche deal in six months to raise €2.6bn-equivalent of debt on Thursday, though it printed fewer tranches than the market was expecting.
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LEG Immobilien, a German property company, brought the latest in a string of multi-tranche bonds to the European bond market this week, brushing off worries that the busy market was showing signs of fatigue.