News content
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A difficult week for credit markets and a turbulent interest rate environment has left bankers divided on the prospects for corporate issuance in the near future — is it better to wait out the volatility, or hit the market before things get worse?
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Ineos, the UK chemical company registered in Switzerland, is allocating €2bn of leveraged loans after an amend-and-extend exercise that led to a refinancing of some of its dollar debt.
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US flooring manufacturer Mohawk Industries made its euro corporate bond debut on Tuesday, aiming to fund its acquisition of Belgium's IVC Group. However, leads could not tighten pricing from initial price thoughts.
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Motability Operations Group, the UK provider of cars and powered wheelchairs for disabled people, drew a chunky order book for an eight year euro bond on Wednesday, using a generous new issue premium to offset difficult market conditions.
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French oil and gas company Total launched a sterling deal on Tuesday, tapping the currency for the third time in two years — and for the first time since being downgraded by Fitch in February.
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Extreme swings in European government bond yields rocked markets this week, but worse could be yet to come.
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Bankers are eagerly awaiting a second course of international Russian loans in June to follow Uralkali’s April starter, and this week two more borrowers emerged to whet the appetite.
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Two Japanese companies joined in the active convertible new issue market this week: condominium developer Iida Group and Edion, an electricals and electronics retail chain.
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Century bonds are easy to criticise, but few instruments generate such momentum around a credit and we mustn’t forget that when they happen it is for a reason: investors want them.
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Apple smashed the record for largest corporate yen bond from an international issuer with its debut on Thursday, but other borrowers are unlikely to leap on the obvious demand, writes Nathan Collins
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Leveraged finance investors have claimed a victory against borrowers by forcing Valeo Foods to back down on aggressive transferability restrictions that pushed their patience too far in an already hot market, Ross Lancaster reports.
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Equity capital markets bankers have a juicy new prize to compete for: the UK government is to privatise the remaining 30% it holds of Royal Mail by the end of this year.