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LevFin High Yield Bonds

Tereos fail warns HY hybrids better wait

European high yield market participants took caution from Tereos’ decision to postpone a perpetual hybrid bond issue on Tuesday, suggesting that the structure still confuses investors.

Victor Jimenez, July 20, 2017
Senior Debt

Early bird NAB takes advantage of short three year tenor

National Australia Bank (NAB) came to the sterling market early on Thursday with a £500m ($648.75m) June 2020 senior bond.

Jasper Cox, July 20, 2017
Equity IPOs

Landis IPO five times oversubscribed, Jost Werke trades up

The Sfr2.3bn IPO of Landis & Gyr, the Swiss maker of energy meters, has been priced above the middle of its initial range at Sfr78, valuing the business at 10 times its 2018 forecast Ebitda.

Aidan Gregory, July 20, 2017
SSA

Dovish Draghi keeps mum on tapering

The European Central Bank stayed true to its course at a governing council meeting on Thursday, producing no changes to its policy statement and striking a dovish tone in the subsequent press conference.

Lewis McLellan, July 20, 2017
Supras and agencies

ADB taps ultra-long end of Kanga curve

Asian Development Bank added a A$60m ($47.7m) clip to its 15 year Australian dollar bond on Wednesday, as demand grows for Kangaroo paper beyond 10 years.

Silas Brown, July 20, 2017
Supras and agencies

GC BondMarker dollar focus: Contrasting fortunes at the short end

A pair of three year prints in dollars provoked very different reactions from GC BondMarker voters in the second quarter. Read on to find out more in this week’s BondMarker round-up, which looks at the most notable dollar deals of the last quarter.

Tessa Wilkie, July 20, 2017
Sub-sovereigns

Alberta plots more dollar visits, outlines CP plans

The Province of Alberta is planning another two dollar benchmarks during this calendar year, as it attempts to make up lost time after a surprise rating action by S&P earlier in the year. The sub-sovereign also revealed to GlobalCapital its issuance expectations for its new US commercial paper programme.

Craig McGlashan, July 20, 2017
Corporate Bonds

Demand for corporate bonds asks questions of summer shutdown

Deep into July, the European corporate bond market is in full voice. €23bn of orders for €7bn of bonds from seven borrowers printing everything from two year FRNS to 20 year bonds was the tale of the tapes this week. But still many market participants harp on about a summer shutdown as inevitable, despite all evidence to the contrary.

Nigel Owen, July 20, 2017
LevFin High Yield Bonds

Fewer fallen angels as high yield universe shrinks to squeeze pricing

Fallen angels — corporate borrowers that lose their investment grade ratings — have become a key source of supply in global high yield bonds markets over the years. But there are signs that, particularly in Europe, such supply is ebbing away as corporate balance sheets improve. This is driving HY investors elsewhere to seek new credits.

Victor Jimenez, July 20, 2017
Bank Results

Goldman blasted again for fixed income trading failure

Goldman Sachs took flack from the market for its fixed income results on Tuesday, the second quarter running that the once-dominant firm has missed market expectations. Fixed income client execution was down 40% from last year to $1.16bn, following a first quarter when fixed income was up just 1% against a miserable 2016 number.

Owen Sanderson, July 20, 2017
Corporate Bonds

Successful ADO debut drains the corp bond pipeline further

ADO Properties made its debut in the corporate bond market on Thursday, following a roadshow earlier in the week. The €400m seven year deal provided further supply for investors keen to buy higher yielding triple-B rated credits, but the supply is drying up in the summer heat faster than the demand.

Nigel Owen, July 20, 2017
Asia

Singapore takes slice of green financing as DBS pioneers

DBS Group Holdings made a triumphant debut in the green bond market this week, earning bragging rights for the deal’s heavy placement with bona fide green investors. But there is still a long road ahead before Singaporean issuers flock to the market en masse. Addison Gong reports.

Addison Gong, July 20, 2017

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