• Man GLG hires two in HY credit

    Man GLG, the investment management business of Man Group has hired Patrick Kenney and Santiago Pardo, both of whom will focus on non-US stressed, distressed and opportunistic credit globally.

    • 19 Jul 2019
  • China Oil lights up HY industrial supply with new bond

    Piped city gas distributor and repeat issuer China Oil and Gas Group has nabbed $320m for refinancing, offering investors some diversity amid a burst of supply from high yield property names.

    • 19 Jul 2019
  • Pension big beasts stomp into PE territory

    Pension funds, especially Canadian ones, are increasingly direct participants in the largest leveraged buy-outs. They're appearing not just as members of consortia, but also sometimes alone, as in Ontario Teachers' purchase of Trivium, a spin-out from packaging firm Ardagh.

    • 18 Jul 2019
  • US bank chiefs upbeat on deal flow after poor Q2

    Leaders of the big US investment banks were cautiously optimistic about upcoming investment banking activity, despite a poor second quarter across their capital markets divisions.

    • 18 Jul 2019
  • Créd Ag sticks to its strength and shuns grand pretensions

    Crédit Agricole’s corporate and investment bank (CA–CIB) aims to be realistic in how offers value to clients and its parent company. It’s looking to achieve growth without overreaching in unprofitable or less strategic areas, writes David Rothnie.

    • 18 Jul 2019
  • Acquisitive Loxam storms into HY markets again with €1.4bn bond package

    Loxam, the French supplier of industrial rental equipment, printed €1.15bn senior secured notes and €250m of subordinated notes this week, risking a future rating downgrade as it loads up more debt to finance its biggest ever acquisition.

    • 18 Jul 2019
  • CDS committee asked to rule on Galapagos default

    The EMEA CDS determinations committee will rule on whether German heat exchanger manufacturer Galapagos defaulted on its bonds by missing coupons on June 15. The committee will meet on Friday to decide whether a “failure to pay” event has occurred.

    • 18 Jul 2019
  • Chinese property carries on with offshore bond spree

    While the latest move from the National Development and Reform Commission (NDRC), restricting the use of the proceeds in offshore bonds by Chinese real estate companies failed to startle Asia’s bond market, a heavy supply of aggressively-priced deals is weighing on sentiment, writes Addison Gong.

    • 18 Jul 2019
  • GEMS to raise $1.85bn package, preps for CVC acquisition

    Dubai-headquartered international education provider GEMS Education is seeking a $1.85bn debt package to support CVC Capital Partners taking a minority stake in the company.

    • 18 Jul 2019
  • Värde’s Carstairs goes upstairs as CEO

    Ilfryn Carstairs, global chief investment officer at alternative investor Värde Partners, will become co-CEO from next year, while keeping his co-CIO title.

    • 18 Jul 2019
  • China’s tighter bond rules should be applauded

    China’s National Development and Reform Commission (NDRC) has tightened regulations on property companies selling bonds in the overseas market. Those with free market instincts ─ including this paper ─ would typically balk at such heavy-handedness. But a tough stance is exactly what the market needs to become sustainable in the long-run.

    • 18 Jul 2019
  • Ithaca buckles on bond terms under investor pressure

    Ithaca Energy, a UK-based oil and gas operator, revised its bond terms to placate investors this week — marking a rare victory for the buy-side in a market that has offered ever weaker protection. Buyers for the bonds had been prepared to swallow Ithaca's original proposals, but demanded a double digit yield to do so, forcing the borrower to back down to hit its target price. Karoliina Liimatainen reports.

    • 17 Jul 2019
  • Domestic & General drops sterling floater

    Left lead Barclays dropped the floating rate sterling tranche from the high yield bonds for Domestic & General’s fundraising to refinance old debt and pay a dividend to its old owners, replacing it with a smaller euro floater and a large fixed-rate issue.

    • 17 Jul 2019
  • Salini plans capital raise and bank lines for Astaldi buy

    Italy’s Salini Impregilo is pushing ahead with plans to buy compatriot troubled construction rival Astaldi after getting the preliminary nod from financiers, with the acquiring company set to raise €600m among a raft of funding agreements.

    • 17 Jul 2019
  • Debt purchaser preps securitization to fight RWA hike

    Hoist Finance, a Sweden-based debt restructuring firm, has been marketing its debut securitization — an essential move in the firm’s attempt to recover from a regulatory broadside which landed last year.

    • 17 Jul 2019
  • Levfin sprinting, IG strolling towards summer

    Europe's corporate bond market is sauntering towards the holidays at a gentle pace, with spreads slightly wider and no one in a hurry. But deals are still available for issuers that want them.

    • 17 Jul 2019
  • Jinmao pushes out to 10yr as investors hunt for yield

    A busy day for bond issuance from Chinese property companies offered investors a dash of variety, as investment grade rated China Jinmao Holdings Group vied for attention amid a slew of deals from high yield credits including Kaisa Group Holdings.

    • 17 Jul 2019
  • Take-private turbulence holds levfin in the balance

    The leveraged loan market in Europe is relying on several high profile take-private trades to rescue volumes and fees for 2019, and give the squeezed CLO market much needed supply. But these deals are vulnerable, and can easily fall apart, as sponsors must navigate an obstacle course of trade buyers, competition authorities, and recalcitrant shareholders.

    • 16 Jul 2019
  • Fantasia sees sluggish demand while Hongqiao prices tight

    Heavy bond supply last week from Chinese property developers took a toll on Fantasia Holdings Group Co, which failed to tighten pricing on a $200m bond on Monday. But China Hongqiao Group, an aluminium maker, found solid response from investors due to a lack of issuance from industrial credits.

    • 16 Jul 2019
  • Citi preps four tranche deal to fund Ardagh spinout

    Citi is preparing a four tranche high yield deal to fund the creation of ‘Trivium’, a new metal packaging company, owned by Ontario Teachers' Pension Plan and formed from a $2.5bn spin-out from Ardagh, combined with its Exal business.

    • 15 Jul 2019
  • Tobam sets carbon limit for credit, HY portfolios

    Tobam, the French asset manager, is ensuring its fixed income portfolios have carbon footprints at least 20% smaller than those of their reference benchmarks, extending a policy already in place for equity portfolios. It is focusing on the carbon footprint of issuers, rather than individual issues, meaning that it would ignore the specific environmental qualities of a green bond.

    • 15 Jul 2019
  • Fosun pitches debt for equity swap, capital injection at Thomas Cook.

    Package holiday group Thomas Cook said on Friday that it was discussing a deal with Chinese conglomerate Fosun Group, its largest shareholder, about a capital injection and a debt for equity swap.

    • 12 Jul 2019
  • NWD offers attractive terms for $950m bond deal

    Blue chip Hong Kong issuer New World Development Co has priced a 10 year bond worth $950m, after the leads decided to start bookbuilding at a generous level to build momentum.

    • 12 Jul 2019
  • Amundi-EIB fund to seek riskier green bonds

    Amundi and the European Investment Bank are collaborating on a new €1bn fund aimed at bringing the benefits of green bond funding to smaller issuers in the EU and those with weaker credit quality. They will originate deals through a network of banks.

    • 11 Jul 2019
  • BASF profit warning raises fears of down cycle for chemicals

    If A1/A+ rated BASF was worried its credit rating would drop, S&P Global has given it some good news. On Thursday, the agency said it expected the chemical producer's Monday profit warning to have only a moderate impact on Its credit ratings. But a gloomy outlook still hangs over the chemicals sector, and companies in the low triple-B band may well have a tougher time in the bond market.

    • 11 Jul 2019
  • Metro LBO bid looks rough for debt holders, whatever happens

    Debt investors are looking at the leveraged bid for German retailer Metro AG by two private investors with uncertainty. Many questions remain about the outcome of the proposed deal, including the fate of Metro’s existing debt.

    • 11 Jul 2019
  • Can corp fin survive the Deutsche equities rout?

    Deutsche Bank’s strategic overhaul looks set to maintain the bank’s leading position in debt capital markets and leveraged finance. But it casts doubts over Deutsche’s ability to retain a top tier corporate finance franchise and could signal the slow death of its equity capital markets franchise, writes David Rothnie.

    • 11 Jul 2019
  • UBS to make a splash in private pools

    UBS’s decision to create a global team dedicated to private capital markets is symptomatic of a shift in how companies finance themselves and time their IPOs. With vast pools of private capital available, companies are going public later in their lifecycles, leading to stretched valuations and fewer listed companies. Aidan Gregory reports.

    • 11 Jul 2019
  • Chinese property issuers push out bond maturities as rates outlook clears up

    Chinese property developers have started opting for longer tenors on their dollar bonds, as investors eagerly take on duration risk. As the interest rate outlook becomes clearer, the trend is set to continue — but only for a select few. Addison Gong reports.

    • 11 Jul 2019
  • CVC launches triple tranche bond for final Domestic & General divi

    CVC Capital Partners’ sale of UK warranty provider Domestic & General explored public markets but found a better bid from another CVC fund teaming up with Abu Dhabi Investment Authority. The company announced on Wednesday that it would pay a final dividend to the old CVC fund, as part of an all-bond refinancing of its capital structure ahead of a transfer to the new owners.

    • 10 Jul 2019
  • WHOA Neddies: Dutch create new, flexible restructuring rule

    The Netherlands is about to pass an act inspired by US bankruptcy rules or English schemes of arrangement, updating an insolvency code that has proved ineffective for dealing with companies with secured debt — and has seen companies like Nyrstar redomicile to the UK as part of their restructurings.

    • 10 Jul 2019
  • Corp bonds ease off but performance is excellent

    Europe's investment grade bond market has slowed from a sprint to a jog, and now to a walk. On Wednesday, Westlake Chemical Corp is the only issuer, taking the baton from the indefatigable Aroundtown, which had kept things going on Tuesday.

    • 10 Jul 2019
  • Four score: Logan, Times China return to bonds

    Chinese real estate companies Logan Property Holdings Co and Times China Holdings managed to aggressively tighten a pair of $400m four year callable bonds this week.

    • 10 Jul 2019
  • ‘Net short’ language crosses a line

    Leveraged loan and high yield bond documentation is starting to see a new feature creep in — anti “net short” language, which attempts to stop creditors that are short the company from getting a place at the table in a restructuring. The funds targeted by the new provisions aren’t exactly the cuddliest citizens of the capital markets, but they won’t be the only casualties.

    • 09 Jul 2019
  • ‘Net short’ defence language could prove useless in bonds

    Language to prevent ‘net short’ debt activist investors manipulating distressed corporates to benefit CDS positions could prove ineffective in bond documentation, shutting down the changes almost as soon as they have been introduced in the market.

    • 09 Jul 2019
  • UniCredit makes host of F&A appointments

    UniCredit has hired for a range of posts in its financing and advisory team, including roles in infrastructure, high yield, debt origination and as head of the Asia Pacific region.

    • 09 Jul 2019
  • IG developers Shimao, Coli go long on dollar bonds

    Shimao Property Holdings and China Overseas Land and Investment took advantage of a strong market backdrop and renewed investor interest in duration to price seven and 10 year bonds, respectively.

    • 09 Jul 2019
  • JP Morgan promotes Woehrn to lead sponsors M&A

    Carsten Woehrn will lead JP Morgan’s financial sponsors group for M&A in Europe, the Middle East and Africa.

    • 08 Jul 2019
  • Ithaca Energy preps bond for Chevron North Sea acquisition

    Oil and gas firm Ithaca Energy is to issue a new $700m unsecured bond as part of the financing for its acquisition of Chevron’s North Sea assets.

    • 08 Jul 2019
  • Dollar bond defaulter Kangde Xin faces delisting

    Debt-laden Kangde Xin Composite Material Group is facing punishment from a Chinese regulator for inventing Rmb11.9bn ($1.73bn) of profits on its book over the past four years despite being loss-making, and could be forced to exit the A-share market.

    • 08 Jul 2019
  • Jiayuan increases tender cap as new note prices

    Hong Kong-listed Jiayuan International Group has wrapped up an exchange-plus-new money offering worth $225m.

    • 08 Jul 2019
  • FWD Group takes home $550m from subordinated bond

    FWD Group raised $550m from an unusual subordinated five year bond, just a few days after announcing a $3bn acquisition of one of the largest life insurance firms in Thailand, SCB Life Assurance.

    • 05 Jul 2019
  • R&F draws $3.6bn book while Dafa debuts

    Guangzhou R&F Properties Co attracted a huge order book for its sixth dollar deal this year, while Hong Kong-listed Dafa Properties Group turned to anchor support for its inaugural offshore public bond.

    • 05 Jul 2019
  • Blackstone to model Merlin bond on notorious Refinitiv deal

    Refinitiv’s 2018 high yield bond was slammed for having the weakest ever investor protections. Now another Blackstone consortium is about to use that deal as a template in the £5.9bn public-to-private buyout of theme park giant Merlin. The financing package also features protection against short-selling debt activists — an activity associated with Blackstone unit GSO Capital. Karoliina Liimatainen reports.

    • 04 Jul 2019
  • UK Green Strategy has everything but a finance plan

    The UK government launched its Green Finance Strategy this week, including a broad range of measures to stimulate awareness of climate change and other environmental problems in financial markets, and ease the flow of capital to green projects. But observers criticised the government for not setting out a plan on how to finance the transition to a zero emissions economy.

    • 04 Jul 2019
  • Tewoo back in spotlight as bond price plunges

    Outstanding dollar bonds from troubled Chinese state-owned commodity trader Tewoo Group hit new lows this week after the company’s subsidiary allegedly missed onshore loan payments.

    • 04 Jul 2019
  • Asian bonds frenzy to continue in second half

    DCM bankers in Asia are predicting a record year for bond issuance, following a strong first half buoyed by positive investor sentiment and favourable market conditions. Although the year so far shows a complicated story of feast and famine in different parts of the debt market, there is plenty of optimism for the rest of 2019. Morgan Davis reports.

    • 04 Jul 2019
  • Future Land bonds tank after chairman’s arrest

    The arrest of Future Land Development Holdings’ founder and chairman caused a sharp sell-off in the Chinese property company’s dollar bonds, with analysts worried the incident may hurt its debt-servicing ability in the short and long term.

    • 04 Jul 2019
  • Galapagos accidentally pays bond coupon as unsecured creditors reject deal

    German heat exchanger firm Galapagos, which is deep in negotiations over a debt restructuring, accidentally paid a coupon to bondholders last month, despite a deal with secured creditors to waive the payment ahead of a bid to tackle its debt load. Meanwhile, unsecured bondholders rejected proposals from the company and its secured creditors, leading to a threat from Galapagos that the bondholders will be wiped out.

    • 03 Jul 2019
  • Trump waves corp bond market's cares away

    President Trump's friendlier tone at the G20 meeting in Osaka last weekend, when he said the US would not immediately raise tariffs on Chinese imports, has given investment grade corporate bond issuers a bullish market this week, and several have taken advantage. High yield is quiet, by contrast.

    • 03 Jul 2019
  • Tongfang settles for $300m while Yuzhou, Guohui price

    Tsinghua Tongfang Co has priced a smaller $300m deal, as investors appeared cautious amid an ongoing share sale. Yuzhou Properties and Shandong Guohui Investment Co returned to the market and saw big order books, the latter fueled by lead manager interest.

    • 03 Jul 2019
  • Pampa continues Argentine run as issuers eye window

    Bond market participants in Argentina say that more issuers from the country could look to pre-empt election-related uncertainty and take advantage of benign fundraising conditions after Pampa Energía followed in YPF’s footsteps with a 10 year deal on Tuesday.

    • 03 Jul 2019
  • UK aims to pull away with Green Finance Strategy but is still in the slow lane

    Despite the agony of Brexit, the UK has been making impressive strides in turning away from climate change. The government's new Green Finance Strategy is the latest. It goes in the right direction, but unfortunately is less a leap, more a shuffle.

    • 02 Jul 2019
  • Pampa Energía to provide further Argentine test

    Bond investors will have a chance to give a further indication of their appetite for Argentine risk as Pampa Energía looks to follow in YPF’s steps and continue to reactivate the primary markets from the country.

    • 02 Jul 2019
  • Levfin revenue plunges as JPM rides high

    European leveraged finance revenue for the first half of the year is down more than 50%, according to figures from Dealogic released on Monday — and is increasingly going to a small handful of banks, in particular JP Morgan.

    • 01 Jul 2019

Bookrunners of European Leveraged Loans

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Goldman Sachs 5,725.19 29 6.40%
2 JPMorgan 5,589.28 27 6.25%
3 Credit Agricole CIB 5,555.86 31 6.21%
4 Deutsche Bank 5,084.59 30 5.68%
5 BNP Paribas 4,989.41 40 5.58%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 2,970.40 18 7.27%
2 JPMorgan 2,822.43 22 6.91%
3 Citi 2,783.23 20 6.81%
4 BNP Paribas 2,674.33 25 6.55%
5 Goldman Sachs 2,523.29 20 6.18%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 17,093.24 135 10.06%
2 Citi 15,359.69 127 9.04%
3 Bank of America Merrill Lynch 12,650.81 105 7.45%
4 Goldman Sachs 12,435.18 94 7.32%
5 Morgan Stanley 9,748.90 76 5.74%