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◆ No bitter unrated taste as book grows throughout pricing ◆ Investors keen for household unrated names ◆ Price discovery needed
◆ Stellantis sees stronger demand for shorter leg of €1.25bn dual trancher ◆ RCI Banque prices €750m 5.2 year tightly ◆ Ford finds demand in short end sterling
◆ Big move for AkzoNobel, three months after last trade struggled ◆ Orders peak near nine times the deal size ◆ Deal comes through fair value
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UBM Development, the Austrian property company, issued last week what it believes is the eurozone’s first sustainability-linked retail bond — bringing one of the hottest techniques in corporate finance to a traditional market that has dwindled in the recent climate of negative interest rates. -
TD Securities has hired a senior debt capital markets syndicate banker from SMBC Nikko Capital Markets in London, to handle new issues from corporate and financial issuers.
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Europe’s high grade corporate bond investors had an array of novel trades to consider on Monday, with debutants and a rare antipodean issuer marketing euro transactions.
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PKN Orlen, the Polish oil refiner and petrol retailer, began marketing its debut green bond on Monday, a €500m no-grow seven year. Issuing a green bond would be a bold move for an oil company, but PKN Orlen is being conservative about the assets included and has obtained certification from the Climate Bonds Initiative.
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Encore Capital is launching a £250m refinancing to push out its maturity profile and pay down the last bond issued under the Cabot Credit Management brand. The move comes following strong results published in early May and an upgrade to positive outlook from Moody’s.
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Three Chinese companies decided to tackle their refinancing needs on Monday with new bonds, grabbing a short issuance window ahead of a public holiday in Hong Kong and some other Asian markets on Wednesday.
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