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Corporate Bonds

Wellcome looks to next century with latest long sterling deal

The two 100 year corporate bonds previously sold in the sterling market had received excellent responses and, when London-based charity the Wellcome Trust became the latest member of the century club this week, it proved that investors' demand for ultra long bonds is far from satisfied.

Nigel Owen, February 01, 2018
Corporate Bonds

Triple-B trio get February IG issuance off to a strong start

The investment grade corporate bond market started February with the second busiest day of 2018 so far, picking up after a relatively quiet January. Acea, Ford and Prosegur Cia de Seguridad, sold five tranches between them, including two floating rate notes (FRNs), on the first day of the new month.

Nigel Owen, February 01, 2018
CEE

Russian pair mandate for dollar bonds

Two Russian issuers forged ahead with plans to issue Eurobonds this week, despite increasing noise around Russian sanctions that threaten to push spreads wider.

Virginia Furness, February 01, 2018
Derivatives

Eurex jabs at liquidity gripes, revs up for relocation

The chief strategy officer of Eurex Clearing, Matthias Graulich, has dismissed claims that euro interest rate swap clearing costs would increase substantially if moved to the EU 27 from London, noting that liquidity indicators for the product are already improving at Eurex.

Costas Mourselas, February 01, 2018
CEE

Poland builds confidence in green as sovereigns queue

The Republic of Poland exceeded its own and its leads’ hopes when it issued its second green bond this week. Piotr Nowak, undersecretary of state at Poland's finance ministry, told GlobalCapital that with 41% of green accounts participating, the sovereign had succeeded in diversifying its investor base.

Francesca Young, February 01, 2018
LevFin CLOs

LMA plans could cut off ‘risk-free profits’ for loan banks

Slow settlements and burdensome admin in the European leveraged loan market have been delivering risk-free profits to some loan arrangers — leaving loan funds and CLO managers fuming, and prompting a move from the Loan Market Association to work on a fix. But in a hot market, voluntary guidance may not be enough.

Owen Sanderson, February 01, 2018
Leader

Balls of steel, or crystal?

The Wellcome Trust charity is a fine institution. The medical research it has funded will benefit the world for many years. This week it helped fund that work by selling a £750m 100 year bond. The investors who bought it probably have a warm glow inside knowing they have helped the cause. But is it responsible to buy bonds that will redeem in 2118?

Nigel Owen, February 01, 2018
Syndicated Loans

GKN spurns Melrose’s ‘fake’ advances again

UK engineering group GKN has once again come down hard on a hostile takeover bid from industrial turnround specialist Melrose, prompting some loans bankers to lose confidence that the £7.4bn-plus deal is viable.

Michael Turner, February 01, 2018
Syndicated Loans

Audley taps HSBC's deep pockets for 'aggressive' growth

Audley Group, the UK builder of luxury retirement villages, has signed a £125m revolving credit line as it follows up a 2017 equity raising as part of an “aggressive growth strategy”.

Michael Turner, February 01, 2018
Supras and agencies

KfW seeks green currency diversity

KfW is taking steps to diversify its green bond issuance away from euros and dollars. Taking advantage of strong demand for sustainable investment in Sweden, it sold its largest ever green Swedish krona bond.

William Chambers, February 01, 2018
Follow-ons and Rights issues

Capita comes full Serco to dodge Carillion fate

The big fall in the share price of UK outsourcer Capita on Wednesday led to fears of another large corporate collapse in the sector following Carillion's demise last month. But market sources saw the rights issue and turnaround plans, which caused the dip, as a way to avoid disaster as peer Serco once did with similar tactics.

Sam Kerr, February 01, 2018
Elevate appoints PayPal CIO to board of directors

Online subprime lender Elevate Credit is bringing PayPal chief information officer Bradley Strock on to its board of directors as the company proceeds with plans to launch a credit card service this year.

Sasha Padbidri, February 01, 2018

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