News content
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China and Luxembourg made their first collaboration in equities on September 28, launching a green stock index. But experts say that while indices such as this are necessary for Chinese green finance to grow, they are not sufficient to ensure its success.
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The Asian Development Bank (ADB) revises up its China economic growth forecast, China’s current account surplus falls to $69.3bn in the first half, and officials from the Philippines begin their roadshow for the country’s first Panda bond issuance.
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Northumbrian Water brought the first sterling corporate bond of the week when it announced a £300m 10 year deal on Thursday. It was almost a year to the day that it priced an identical deal.
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Dollar borrowers failed to take advantage of pent-up demand and tightening spreads as US corporate bond supply recorded a lacklustre end to the month.
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Volkswagen Leasing brought its second euro corporate bond deal of 2017 on Monday. The €2.25bn dual tranche offering took Volkswagen’s total issuance this year to €17.25bn. This is more than twice as much as General Electric, the next highest issuer by volume.
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On Thursday, Belgian gas transmission system operator, Fluxys, successfully priced both sub-benchmark tranches of its latest corporate bond deal it had set out to sell when it met with investors earlier in the week. The 10 year tenor was the company’s primary aim, but it was also willing to explore reverse enquiry for a 15 year tenor.
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Heineken used the quieter end of the week in terms of issuance to price its second benchmark corporate bond issue of the year. The sixth benchmark issue of the year in Europe from a beer producer was the only deal in the market on Friday.
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Total, the French oil company, has been a frequent issuer of euro bonds, raising €7bn in 2016 and more than €5bn in each of the two previous years. However, it waited until the last week of September to sell its first new issue in euros in 2017.
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The debt restructuring saga at Norwegian paper company Norske Skog took a sharp turn this week wherein a breakthrough with senior investors was quickly waylaid by a group, claiming to represent more than half of the company’s unsecured creditors, rejecting the latest proposal.
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Automotive finance companies rarely issue corporate bonds with tenors longer than four or five years, due to the assets they need to fund. This week, however, three of them sold five year bonds.
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On Thursday, Belgian gas transmission system operator, Fluxys, successfully priced both sub-benchmark tranches of its latest corporate bond deal it had set out to sell when it met with investors earlier in the week. The 10 year tenor was the company’s primary aim, but it was also willing to explore reverse enquiry for a 15 year tenor.
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Austria’s Volksbank Wien was able to tighten pricing significantly on its first entry into the subordinated bond market, raising slightly more tier two capital than it had initially expected.