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IFFIm dollar return shows impact paper still commands a bid

World Bank-managed issuer taps capital markets to accelerate donor pledges into Gavi vaccine programmes
Deal raises questions about whether transaction was done at arm's length

Alliander seals tight dual tranche euro deal

◆ Safer credits prove popular in uncertain market ◆ Alliander sheds orders as it punches through fair value ◆ Argan ends near five year euro absence

Hybrid bonds fly as investors chase lower risk issuers

Red-hot corporate hybrid bond market could tempt more debut issuers
Deal raises questions about whether transaction was done at arm's length
Sub-sections
  • Hiscox, the London-listed insurance and reinsurance company, has raised £375m through a sale of 57.6m new shares. Sources said that a strong showing by the management team persuaded them to back the share offering during challenging times for the company as it faces the impact of the coronavirus pandemic.
  • Nokia has launched a €1bn dual-tranche issue and a tender offer for a bond maturing next year, sucking up a higher funding cost to push out its term structure. Leads started wide but cranked the bonds in, with a 60bp move from initial price thoughts (IPTs) on the back of nearly €6bn of demand. Despite the swathe of downgrades hitting crossover issuers since the coronavirus crisis broke, the Finnish tech company is still planning to regain its investment-grade status in the next years.
  • US insurance companies that buy private placements are concerned the damaging effects of coronavirus on corporate earnings may prompt a flood of credit downgrades by the National Association of Insurance Commissioners (NAIC), the regulatory body which imposes upon them risk-based capital charges.