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Corporate Bonds

Glaxo goes head to head with UTC and both come out winners

Two A rated corporates went head to head in the euro corporate bond market on Monday as UK pharmaceuticals giant GlaxoSmithKline and US electrical systems manufacturer United Technologies Corp both launched triple-tranche deals, with two matching maturities involved in the €4.5bn of bonds.

Nigel Owen, May 17, 2018
FIG

‘Soap opera’ politics buffet Italian banks

Italian bank debt was in the firing line this week, after investors became fearful of the country’s political situation for the first time since the election in March.

Bill Thornhill, May 17, 2018
FIG

Financials surprise with dash into dollars

US and Yankee financials surprised to the upside with $15bn of dollar bond supply this week as they jumped into the market with front-end offerings ahead of a spike some expect in US Treasury yields.

David Rothnie, May 17, 2018
People News

People Moves in Brief

HSBC loses lev fin MD — Barclays hires CLO bankers — Citi promotes securitization head

GlobalCapital, May 17, 2018
Corporate Bonds

BASF finds strong demand for extra Bayer purchase

German chemicals company BASF found substantial demand for its second visit to the corporate bond market to fund its acquisition of Bayer’s seed business.

Nigel Owen, May 17, 2018
Corporate Bonds

Foreign issuers eye up francs as Swiss arb returns in spades

Swiss franc bonds are frequenting treasurers’ minds again as windows for arbitrage funding return to the market. For three years, Swiss market participants have gritted their teeth as cross-currency basis swaps and attractive funding conditions in core markets squeezed supply from abroad. But this seems to be changing. Four foreign borrowers raised benchmark bonds this week, and bankers expect many more to follow before the summer lull. Silas Brown reports.

Silas Brown, May 17, 2018
Senior Debt

Danske aims for second senior non-pref after euro success

Danske Bank is looking to issue two tranches of senior non-preferred debt in Swedish kronor, fresh from issuing its first such instrument in euros this week. It had been expected to issue several weeks ago but pulled back from the market.

Jasper Cox, May 17, 2018
Comment

Don't feign surprise when you miss the obvious

Sometimes, investors get hit by political events that come out of nowhere. Other times, they walk straight into an oncoming freight train, even though it's blowing its horn at top volume.

Sam Kerr, May 17, 2018
Corporate Bonds

Three auto issuers set off early to avoid traffic

The first two days of this week saw more than €10bn of bond issuance, with more than a quarter of that volume made up of three deals sold by auto finance issuers. All three deals managed to achieve new issue premiums of 10bp or less, which was tighter than the majority of deals the week before.

Nigel Owen, May 17, 2018
Corporate Bonds

Bertelsmann pulls plug as market chokes on supply

German media company Bertelsmann pulled a €500m seven year corporate bond issue on Thursday as the market showed signs of indigestion after what was already one of the busiest weeks of the year for corporate issuance.

Nigel Owen, May 17, 2018
Equity

Italian equity markets volatile as coalition talk progresses

Italian equity markets remain volatile as details of a coalition agreement between the Five Star Movement and Northern League emerge, but ECM bankers are less confident that the volatility will harm Italian IPOs.

Sam Kerr, May 17, 2018
Investment Grade Loans

Hermes adds to bulging direct lending market

Hermes has launched a European direct lending fund, as the investment manager looks to carve out part of a market that has recently reached record highs by volume.

Michael Turner, May 17, 2018

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