News content

UK supermarket retailer Tesco announced on Monday that its most recent tender offer had been oversubscribed, completing a successful liability management exercise (LME) after selling €750m of bonds a fortnight previously. The company hopes the success of the deal will help it on the way to regaining its investment grade status with all rating agencies.

Tottenham Hotspur is planning to be the latest football club to sell corporate bonds after its new stadium’s construction delays and cost have again increased.

The Islamic Development Bank is out with initial price guidance for its debut euro benchmark sukuk — a €500m five year.

One of the three major Portuguese football clubs has announced plans to sell a new corporate bond. Sporting Lisbon is set to refinance its borrowing for a third time, having sold its first issue in 2008. However, the club has been through a particularly troublesome period on and off the pitch.

South Africa is embarking on a series of investor update meetings, with no deal planned to follow.

Telefónica’s reported decision that the IPO of O2 will not take place before the UK is scheduled to leave the European Union in March made headlines on Monday, but should not come as a great surprise to anyone involved in EMEA equity capital markets.

Conagra Brands tucked away a $7bn bond deal just days after market volatility forced it to postpone the trade.

Chinese state owned vehicle manufacturer Dongfeng Motor sold its second euro bond on Tuesday with its previous issue in euros maturing later in October.

The accusations leveled at Saudi Arabia over the disappearance and alleged murder of journalist Jamal Khashoggi deserved more than the blip in Saudi trading we saw this week. There are sound, financial reasons why investors should be wary of investing in the country, no matter the size of its oil reserves.

Secondary spreads in corporate bonds have widened in October, somewhat in line with the sell-off in all global markets. US credit spreads have suffered more than European, but some investors don’t see the move as material, for now.

Heylo, a UK property company that specialises in shared ownership residential properties, launched the first bond off its new corporate bond programme last week. The bonds, which will be priced on or before October 22, offer investors inflation protection over the 10 years of the bond’s life.

Renaissance Capital has appointed Marios Hadjiyiannakis as chairman of the board of directors in Egypt, and Amr Helal as chief executive officer for North Africa.