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Issuers rewarded with tight pricing
Issuance beyond 15 years could return if rates stabilise
Financial services firm Fiserv mandates dual-tranche euro trade
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Commodity trader Trafigura has closed a $203.5m US private placement. It is the largest sustainability-linked issue on record, according to GlobalCapital analysis, and signals the PP market is taking ESG financing more seriously. -
Hyundai Motor Manufacturing Indonesia nabbed $300m from a five year bond on Tuesday.
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Kaisa Group Holdings closed a $500m bond this week, part of a liability management exercise.
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Europe’s high grade corporate bond market bankers are expecting a rebound in issuance in the second half of the year, as macro data suggests business investment will soon pick up, whittling away at cash piles.
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Birkenstock’s acquisition financing package saw changes to the documentation during syndication, announced on Monday. While the deal comes with an aggressive covenant package, the amendments do little to smooth the edges, instead raising the possibility that a rapid flotation of the business could see bondholders repaid inside the non-call period.
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French and German banks have led the resurrection of the primary covered bond market over the last two weeks, with the sterling market particularly active. They have been making the most of good conditions for borrowers. So far this year, covered bond issuers have paid an average concession of 0.15bp compared to the 2.93bp they paid in 2020.
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