Santander
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Hungry for some social purpose, and perhaps a longer maturity, investors hoovered up Yorkshire Water’s first sustainable bond on Thursday. This allowed the UK utility to tighten the pricing to fair value or even tighter. -
Ineos, with a split high yield/investment grade rating, announced a drive-by €770m seven year non-call three bond issue on Monday, refinancing its 4% 2023 bond of the same size.
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Thames Water’s latest crop of holding company private placement debt issues contains language to protect investors from the effect of a Labour government — and particularly leader Jeremy Corbyn's vow to renationalise the water companies. Debt issued under the new documents features a ‘nationalisation event’ that would make it repayable immediately. Owen Sanderson and Silas Brown report.
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The Basque Government was able to tighten pricing by 5bp from initial price thoughts as it received soaring demand for its 10 year sustainable bond on Tuesday — its biggest public issue since 2009.
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Spain’s Abertis Infraestructuras has shifted the obligations of around €9.97bn of loans to itself from its holding company, with the toll roads group immediately paying down a sizeable portion of the debt.
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USJ Açucar e Alcool, the Brazilian sugar and ethanol company, is giving bondholders an extra two weeks to receive the early bird price in a debt exchange that Fitch says is likely needed to avoid default.
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Diageo, the UK distiller and brewer, followed its recent habit and issued a multi-tranche bond on Monday — but with a difference. It included sterling notes for the first time since 1995.
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The Basque Government has picked banks to issue what will be its biggest bond in the public markets for 10 years.
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The UK’s McKay Securities has signed a £180m revolving credit facility, with the office and industrial REIT switching its bilateral loans for a bigger syndicated deal.
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Mexico timed its return to the European bond market on Monday extremely well, said DCM bankers, with risk-hungry investors allowing the sovereign to notch a €9bn book on the way to a dual-tranche deal.
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