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◆ Book shrinks as deal pushes tight ◆ Proceeds could refi upcoming call ◆ Senior retail denoms make defining a senior/sub spread tricky
French utilities firm to jump into Aussie dollars with hybrid and senior bonds
◆ UK utility prints €1.3bn dual trancher ◆ Issuer skips guidance as it masses orders north of €10bn ◆ Longer call leg draws stronger demand
◆ Fourth Reverse Yankee hybrid in euros this year ◆ US utility tightens hard on strong demand ◆ American Tower clears €750m trade with little concession
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This time last year, no corporate green bonds had been issued, and only one corporate SRI bond. Since then, a dozen companies have issued them, mostly in Europe. The flow of corporate green bonds has resembled a stream rather than a torrent, but as the product edges towards maturity, more and more companies are expected to join the ranks of green bond issuers. Richard Metcalf reports.
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Orange, the French telecoms company, showed the potential of the hybrid capital market for financing mergers and acquisitions on Wednesday, when it raised €3bn towards its €3.4bn acquisition of Jazztel, the Spanish cable and mobile company, just eight days after announcing the bid. Orange did not use a bridge loan for the deal. -
Acquisitions announced on Monday by Siemens, Merck and Arkema marked the continuation of a wave of European investment grade acquisitions, with varied outcomes for syndicated loan financing.
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Orange, the French telecoms company, showed the potential of the hybrid capital market for financing mergers and acquisitions today, when it raised €3bn towards its €3.4bn acquisition of Jazztel, just eight days after announcing the bid. Orange did not use a bridge loan for the deal.
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Vallourec’s bond issue may have gone well today, but for the other corporate issuers in euros and sterling it was a much rougher ride. Accor launched a €150m tap and RCI Banque a £250m sterling three year – but neither managed to tighten pricing from their initial thoughts.
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Origin Energy has named Barclays, Goldman Sachs and UBS as lead banks in preparation for a five day roadshow across Europe and Asia for a possible hybrid capital issue.
