JP Morgan
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The European Investment Bank hit screens with a $1bn no-grow global 10 year Climate Awareness Bond on Tuesday. The issuer has not printed a 10 year dollar benchmark since May 2017.
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Wind Hellas, the Greek telecoms firm owned by GoldenTree and Cyrus Capital Partners, announced a new €500m 2024 bond on Tuesday to push out its maturities and lock in cash, ahead of Greece’s 5G auction. The deal}s terms allow Wind Hellas to pay a special dividend after selling its mobile phone towers. -
Hannover Re has added to a string of recent new issuance from European insurers, opting for an unusual maturity structure for its tier two this week.
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Sovcombank printed a tier two bond on Monday at the wide end of guidance and the lowest end of the expected size range, which an investor said was a sign that the deal was “struggling” over the line. But a lead manager on the note pointed to healthy trading on Tuesday and its debut status and said that the issuer had simply taken sensible decisions after an in-depth price discovery process.
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Virgin Media launched a refinancing of its $3.4bn senior secured term loan B, with a combined offering across sterling bonds, and euro and dollar loans. The move comes two weeks after Swiss telco Salt proved that bonds could price meaningfully tighter than leveraged loans for the right issuer, and Virgin also saw a strong result.
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Kernel, a Ukrainian agriculture company, has returned to the international bond market for the first time in two years, defying the political turmoil developing in Ukraine.
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Sovcombank was in the market on Monday morning with a subordinated bond, just 10 days after the issuer’s credit rating was upgraded by two major ratings agencies.
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Hipgnosis Songs Fund Ltd, the London-listed fund that invests in music catalogues, has launched its £300m share sale to finance the acquisition of more music intellectual property rights.
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A number of dollar bond issuers in Asia have moved to reopen their existing notes and add more funds to their coffers ahead of a week-long holiday in China for National Day.
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Banco BPM and Abanca made use of favourable issuance conditions this week to beef up their capital buffers. The Italian lender priced the 10 year non-call five deal at a 4.25% coupon and the Spanish issuer priced its 10.5 year non-call 5.5 year bond at 4.625%.
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Generali was the talk of the FIG bond market this week as it became the first west European financial institution to issue a tier two capital note in green bond format. The insurer’s pioneering spirit reaped rewards, with the green element variously estimated to have shorn 5bp-10bp from its cost of funding. That could tempt other firms to issue subordinated green debt. David Freitas reports.
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