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High yield

Aker BP flexes new muscles and targets IG buyers

Norwegian oil exploration and production company Aker BP took advantage of its second investment grade rating, out of three, received in November, to position itself as an investment grade issuer and print a dual tranche five and 10 year deal this week.

Owen Sanderson, January 09, 2020
LevFin High Yield Bonds

Ashland hits buoyant market to move to unsecured cap stack

Kentucky-based speciality chemicals company Ashland sold a €500m eight year non-call life unsecured high yield issue on Thursday, bringing European high yield's first proper deal of the year, as part of its efforts to clean up its capital structure and switch to an unsecured financing profile.

Owen Sanderson, January 09, 2020
Asia

World Bank’s cat bonds a win for all, says analyst

Catastrophe bonds issued by the World Bank have been positive for both investors and the countries receiving protection from the securities, according to one market veteran. The organisation’s activity in insurance-linked securities has been highly innovative but has also received criticism from some quarters.

Jasper Cox, January 09, 2020
LevFin High Yield Bonds

Altice International storms strong market with €2.8bn, hits lowest ever coupon

Altice International jumped at this week’s strong market conditions, launching a €2.8bn-equivalent refinancing, hitting the lowest ever coupon level for the telecoms group and saving itself €187m in annual interest. The strong execution, with a size increase and performance in the aftermarket, shows a market wide open for other well-followed high yield names looking for a refinancing opportunity.

Owen Sanderson, January 09, 2020
People News

People moves in brief

Funding Circle picks up former securitization syndicator — Campbell moves from HSBC to RBC — Long-time DCM banker turns up at Aramco

GlobalCapital, January 09, 2020
EM Bond Comments

Israel USD1bn 2% Jan 30, USD2bn 3.375% Jan 50

Rating: A1/AA-/A+

Francesca Young, January 09, 2020
CLOs

New CLO managers flock to Europe to prey on downgrades

The European CLO market is marking the new year by bracing itself for a series of corporate downgrades. Ellington, a US CLO manager, has been sounding out the European market about bringing an ‘enhanced CLO’ in the first half of the year, which would allow for up to 50% of the portfolio to be debt rated triple-C or below, a far cry from the standard 7.5%.

Tom Brown, January 09, 2020
Asia

JP Morgan places $575m bond exchangeable into Alibaba stock

JP Morgan has issued a $575m synthetic bond exchangeable into the American depositary receipts of Alibaba, the Chinese e-commerce company.

Aidan Gregory, January 09, 2020
Polls and Awards

GlobalCapital Americas Derivatives Awards 2020: the nominees

GlobalCapital is delighted to announce the nominees for this year’s Americas Derivatives awards.

Ross Lancaster, January 09, 2020
Supras and agencies

Maple market opens with green shoots

A pair of supranationals opened the Maple market with sustainability bonds this week. The Canadian green market is “going through a growth phase” as more and more domestic investors show interest in the product, according to bankers.

Frank Jackman, January 09, 2020
LevFin High Yield Bonds

LeasePlan holding company taps to take out sub notes

Lincoln Financing, the holding company of LeasePlan, hass tapped its senior secured 2024s for an extra €500m, looking to pay down payment-in-kind notes and fund its interest reserve. The deal follows last year’s €1.35bn issue, which paid down debt incurred when a sponsor consortium bought the company in 2016.

Owen Sanderson, January 09, 2020
SRI

Portugal looking at green bonds ‘inevitable’ says DMO chief

Portugal will likely examine the issuance of green bonds following the re-election in October of the country’s socialist party who are focused on sustainability, according to the head of the Portuguese debt management office.

Burhan Khadbai, January 09, 2020

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