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Hornbach nails €250m unsecured bond launch despite retail fears
German home improvement and garden supplies chain Hornbach issued €250m of senior unsecured notes on Thursday, for a coupon of just 3.25%. While the retail sector in general makes investors wary and Germany is lurching towards recession, investors showed confidence in the home improvement market.
18 Oct 2019 -
Vingroup eyes $500m in senior syndication
Vietnamese conglomerate Vingroup Joint Stock Company and its automobile subsidiary VinFast have returned to the loan market, seeking a total of $500m in senior syndication.
18 Oct 2019 -
Bankruptcy experts foresee unprecedented defaults ahead
The next economic downturn will be much more severe than the last financial crisis because firms have twice as much outstanding debt as they did in 2008, said a leading academic this week.
17 Oct 2019 -
People moves in brief
Nomura’s Cicchine heads for Deutsche — Macquarie finds head for new lending group — Citi promotes ECM bankers.
17 Oct 2019 -
Brexit deal chance lights up UK cap market hopes
A surprise agreement between the UK government and the European Union has led to renewed optimism for the country's capital markets. There is hope that an orderly Brexit, or even a long extension, will lead to an increase in investment from UK companies, particularly in the form of M&A. Investors are more than willing to finance these deals, write Sam Kerr, Jasper Cox and Mike Turner.
17 Oct 2019 -
Merlin bonds enchant investors despite toothless covenants
Investors have piled into bonds to fund the buyout of UK theme park operator Merlin, despite the covenants on the unsecured debt being considered the worst ever. Meanwhile, the “net short” provision, designed to curb CDS investors, looks to have made it to the final documentation for the first time in a European deal.
17 Oct 2019 -
VodafoneZiggo joins telco refi party with €3.1bn issue
VodafoneZiggo, the Dutch telecoms joint venture evenly split between Liberty Global and Vodafone, is raising €3.1bn in fresh capital. It joins industry peers such as Salt, Wind Hellas and Altice France who have rushed to the market this autumn to take advantage of favourable conditions.
16 Oct 2019 -
HY wakes up and smells the coffee while World Bank meet shuts down IG
Sub-investment grade companies have been making the most of this week's issuance window while the going is good. But the high grade corporate primary bond market is taking a breather, as a confluence of factors come together to put the breaks on new issuance.
16 Oct 2019 -
Fullerton allocates $250m among 17 lenders
Fullerton India has closed its $250m-equivalent borrowing after 14 participants joined the three bookrunners during syndication.
16 Oct 2019 -
Indorent holds non-deal roadshows
Sumitomo Mitsui Banking Corp is arranging non-deal roadshows for Indonesian car rental service provider CSM Corporatama.
16 Oct 2019
High Yield Bonds
Asia high yield bonds news
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Bond news in brief: H&H, Yibin, CCB tap dollars
Health and Happiness International Holdings, Yibin Emerging Industry Investment Group Co and CCB International were among those which priced dollar bonds on Thursday.
18 Oct 2019 -
Deutsche takes Nomura’s Cicchine for healthcare
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Single-B rated Kaisa revives Chinese HY property 144A bonds
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US investors get in on Kaisa’s latest dollar bond
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HPCL-Mittal lights up bond sale with generous price
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Kunming LGFV debuts offshore with $300m bond
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Update: S&P joins chorus in declaring Jain Irrigation default
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China Grand Auto bonds plunge after exchange offer
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Jiayuan International builds $200m Friday deal
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Third time’s a charm: E-House rakes in $200m
