JP Morgan
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Orange, the French telecoms company, sold a third of its stake in UK peer BT Group on Monday night through a block trade and used another third to back an exchangeable bond in an attempt to “take a balanced approach when reducing its exposure”, a banker on the deal said.
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British Telecommunications brought its second triple tranche euro bond transaction in 16 months on Tuesday. The orderbooks were heavily oversubscribed, with demand skewed toward the longest tranche.
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Emerging market governments must lead the way in green bonds to encourage corporates to enter the market around the world, according to Rahul Ghosh, a senior credit officer at Moody’s. -
Road King Infrastructure grabbed $300m on Monday from the sale of its second fixed for life perpetual bond this year, taking advantage of investors’ eagerness for yield.
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A week long roadshow and investor meetings in six countries paid off for Swedish debt collector Intrum Justitia, which sold the bond to fund its merger with Lindorff with an average coupon of below 3% on Friday.
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Road King Infrastructure is taking bids for its dollar return on Monday, as it looks to sell its second fixed for life deal in 2017.
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European corporate bond markets have quickly shrugged off the uncertainty surrounding the UK election result and central bank meetings, and look set for a busy end to June.
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Hainan Airlines Holding Co and Greenland Holding Group Co printed bonds with tenors of less than one year on Thursday, finding sufficient demand for their deals. But they were forced to pay a premium, given recent talks around China further regulating offshore funding.
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Lotte Chemical Titan Holding opened books on Friday for its MR5.9bn ($1.4bn) Malaysia listing, which is being pitched at a big discount to regional rivals.
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Enthusiasm for green and social bonds is mounting, and revisions to the Green Bond Principles (GBP) announced this week may give the market a further lift. Many of the same debates still exercise market participants as in the past, but they appear less daunted by these conundrums.
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