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◆ Peak demand tops €3.25bn ◆ Deal lands close to fair value ◆ Credit has improved in recent months
◆ Italian issuer pairs two sustainable formats ◆ Trade hits size targets ◆ Tight price tests investors' limits
◆ Yield hunters send Orange's book ballooning ◆ Deal lands through fair value ◆ Corporate hybrid supply doubles year-on-year
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Aluminium company Novelis, a subsidiary of Indian conglomerate Aditya Birla, has issued its debut green bond, a €500m eight year non-call three to refinance part of its term loans signed in 2017.
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Avic International Leasing Co landed a $500m bond well inside of fair value on Wednesday, thanks to strong support from its syndicate banks. -
Slowing dollar bond supply from Chinese property companies got a further blow this week after Yuzhou Group Holdings was hit with a downgrade, triggering a slump in the secondary market. With more disruptions expected, and as liquidity pressure on real estate firms rises, a repricing of the sector may be on the cards. Morgan Davis reports.
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Douglas, the highly levered beauty retailer, is finding the bond market more receptive than loans to its turnaround refinancing. It has restructured its debt package to switch €330m of secured loans to bonds. The comeback deal appears still on track, though the PIK notes are being marketed at a punchy 9% yield.
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Verbund, the Austrian electricity company, became the first European issuer to sell a green sustainability-linked bond on Wednesday. The highly rated issuer printed 20 year debt at a razor-thin spread.
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Europe’s high grade bond market continued to pump out deals on Wednesday, with Vantage Towers raising three tranches of debt after its IPO and Japan’s Nidec selling a green trade.
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