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Vattenfall, the Swedish state power company, issued its second green bond on Thursday, to an enthusiastic reception from investors, who drove the €500m note’s pricing very close to the issuer’s curve. -
China Hongqiao Group, China Water Affairs Group and Luxshare Precision has returned to the offshore loan market seeking a total of $800m.
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Lloyds Banking Group is giving investors a chance to switch out of a legacy tier two and into a new instrument, without the basic terms of their securities changing.
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China Hongqiao Group, an aluminium producer, has returned to the loan market for a $200m borrowing,
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German auto and industrial supplier Schaeffler has launched an inaugural Schuldschein. The funds will be used in accordance with its green finance framework.
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UK insurer Hiscox said on Monday that it had received some ‘small claims’ relating to Covid-19, as credit analysts warned that the insurance sector was exposed to indirect impacts from the spread of the virus.
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The only high yield bond deal being actively marketed in euros this week has been postponed. The deal was for Fugro, the Dutch company that provides geographical data and asset integrity services to onshore and offshore industries. It was a debut issue for a listed company with no sponsor involved, so there had been good interest, but market conditions just proved too difficult.
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HSBC and Standard Chartered are expecting lower profits and higher loan impairments this year due to the Covid-19 coronavirus outbreak and an economic downturn in Hong Kong.
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Conditions are changing so fast with the coronavirus epidemic that each day could bring a change in sentiment, but for the time being leveraged finance is staying calm and continuing to function. There is more activity in this high risk corner of Europe’s capital markets than in any other, apart from sovereign, supranational and agency bonds.
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Paccar Financial, the leasing arm of Paccar, the US maker of DAF, Kenworth and Peterbilt trucks, braved the European market on Wednesday to print a sub-benchmark sized bond, as syndicate officials said the market could move wider.
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MTN deal volumes year-to-date have slumped by nearly a third year on year, falling from $51.6bn in 2019 to $35bn this year. The fall has been particularly pronounced in core currency deals, with deals from other currencies forming a larger proportion of the market.
