Currencies
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French food company Danone received a strong response on Monday when it sold its inaugural social bond, the first from a corporate issuer since the social bond principles were set out by the International Capital Market Association in June 2017. -
Finnish telecoms company DNA braved choppy conditions this week with a new €250m seven year bond to fund its tender offer for bonds due in 2018 and 2021 following a roadshow.
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Spanish utility Iberdrola had significant success with its debut green hybrid bond in November when it received €3.2bn of orders. However, its second such bond failed to tighten from initial price thoughts when it was issued this week.
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As the final week of the quarter approaches, credit markets are limping towards the Easter break, in need of respite after three months of heavy issuance punctuated by flares of volatility. Nigel Owen reports.
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The auto finance arm of General Motors opted for short maturities to try to ensure the success of its first bond sale of 2018, but the €1bn dual-tranche deal only received orders of €1.7bn and the lead managers were only able to tighten one of the tranches from initial price thoughts.
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The widening gap between Libor and Hibor, which reached the highest level in 10 years on Wednesday, is pushing Hong Kong and Chinese borrowers to the Hong Kong dollar-denominated loans market. But while the possibilities for opportunistic deals are plenty, bankers warn the window won’t be open for too long. Pan Yue reports.
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2018 has proven a difficult year for the IG corporate bond market so far. Instead of the smooth waters of 2017, conditions have been more choppy and issuers and their syndicates have had to navigate a more careful path to market and often paying more to insulate investors from secondary market volatility. However, there are likely to be more difficult conditions ahead with fewer support mechanisms available.
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Hong Kong-listed New World Development has converted a loan signed in March 2016 into a green loan, a first of its kind for the company and in line with its plan to promote sustainability across its business.
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The sole investment grade corporate new issue on Tuesday was a sub-benchmark seven year deal as weak secondary markets finally pulled the handbrake on new issuance. Some recent deals had struggled to tighten from initial price thoughts and issuers paused to take stock.
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Funding for leveraged buyouts in the European primary high yield market gained further share of overall issuance this week, as specialty car parts maker LKQ of Chicago sold a €1bn bond for its acquisition of German peer Stahlgruber.
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The Council of Europe Development Bank’s long awaited social inclusion bond will come to market on Tuesday, following a two week roadshow.
