Top Section/Ad
Top Section/Ad
Most recent
Deal will fund repayment of previous instrument
◆ IG corporates pour into market ◆ Little sign of fatigue despite range of trades on offer ◆ EDP and Kering hit euros and RAC gets blowout response in sterling
◆ Smaller trades populate market after roaring week ◆ Air France KLM keeps hybrid momentum going ◆ Cencora and Icade bring no-grow bonds
◆ Transdev debuts among some big trades ◆ Abertis looks to pay zero premium on hybrid ◆ Heidelberg Cement pays low concession after big rally in its debt
More articles/Ad
More articles/Ad
More articles
-
China Railway Construction Corp (CRCC) priced its debut perpetual bond on July 24. Its investor friendly structure enabled the borrower to price with the lowest coupon of any senior dollar perpetuals from Asia, according to bankers. -
Thai Airways has postponed its perpetual offering as it is yet to agree on the format of the bond. With the Thai militia wading in on the governance of its flagship airline, bankers say it is proving difficult to reach an agreement on the perp's structure with investors.
-
China Railway Construction Corp is meeting investors this week in connection with a possible perpetual non call five offering.
-
Europe’s corporate bond market was knocked sideways on Thursday by a gust of fear about peripheral Europe, after problems deepened at Portugal's Banco Espírito Santo. The market has not shut down, but ACS, the Spanish construction company, pulled a deal and no issuer managed to price tighter than its initial thoughts.
-
The buzzwords in corporate hybrid capital are stability and standardisation. Market participants are delighted to have found a template structure that suits all the rating agencies, enabling the product to take off. Dozens of companies now issue, in deals of €150m to €6bn. But while all welcome this calm, hybrids still rely on a complex interaction of rating, accounting and tax treatments. This precise balance works for now, but is unlikely to go unchanged forever. Jon Hay reports.
-
Thai Airways is meeting investors this week for its first dollar offering and has opted for a senior perpetual bond. Should a bond follow, the borrower will be only the second Thai corporate to tap the dollar hybrid market this year.
