Leveraged/non-investment grade

  • Asset owners to attempt daring, immediate emission cuts

    Asset owners to attempt daring, immediate emission cuts

    One of the boldest initiatives to green the financial system is getting under way this year, as the members of the Net Zero Asset Owner Alliance begin a drive to reduce the greenhouse gas emissions of entities they invest in by between 16% and 29% in the next five years.

  • CS appoints global head of renewables

    CS appoints global head of renewables

    Credit Suisse has promoted Ted Michaels, its head of North America renewables in New York, to a new global position overseeing investment banking in renewables and sustainable energy technology.

  • Trafigura causes a stir with debut Schuldschein

    Trafigura causes a stir with debut Schuldschein

    One of the world’s largest commodity traders, Trafigura, has launched a Schuldschein which, due to its credit profile and intended yield, is a clear outlier. While some see the borrower as too risky for this market, others see it as a sign of the Schuldschein's growing ambition.

  • Corporate social bonds to take off, in varied formats

    Corporate social bonds to take off, in varied formats

    Market participants believe 2021 could be the year when social bonds become established as a more thriving and coherent market, after the breakthrough in volume during 2020, when issuance was swelled by the Covid-19 pandemic.

  • Hamburg Airport fails to land Schuldschein

    Hamburg Airport fails to land Schuldschein

    Hamburg Airport has pulled a Schuldschein transaction with an initial target of €100m, according to several market sources, due to a lack of interest from investors.

  • Italy's Bund spread belies political crisis

    Italy's Bund spread belies political crisis

    Italia Viva has withdrawn its ministers from the support of the Italian government, sparking a political crisis in the country. However, Italy’s sovereign bonds are trading within a comfortable range versus Bunds thanks to the support of the European Central Bank.

  • KBC steps forward with internal Libor transition

    KBC steps forward with internal Libor transition

    KBC Bank has hired fintech firm Finastra to help in the transition away from Libor, as the shift from the scandal-hit benchmark intensifies before it falls out of use at the end of the year.

  • Rehabilitation of UK stocks gathers steam

    Rehabilitation of UK stocks gathers steam

    Two more trades on Thursday night crowned off a busy week for block trading in London, fuelled by a rally of UK equities since the start of the year after the country secured a trade deal with the European Union at the end of 2020.

  • Saudi lands $3bn export financing agreement with Korea

    Saudi lands $3bn export financing agreement with Korea

    Saudi Arabia has secured an export financing agreement with Korea’s export credit agency and trade insurance corporation. The deal, which will bolster trade between the two, is the kingdom’s second ECA-backed deal.

  • Boath joins Agora as adviser

    Boath joins Agora as adviser

    Richard Boath, a former Barclays chair of EMEA financial institutions investment banking, has joined Agora, the capital markets start-up founded by fellow Barclays alumnus Charlie Berman.

  • MuHyp goes long in covereds

    MuHyp goes long in covereds

    Muenchener Hypothekenbank (MuHyp) sold the longest covered bond of the year so far this week, and bankers expect more long end deals to follow.

  • ECA invites EU legislators to address ‘shortcomings’ in bank crisis rules

    ECA invites EU legislators to address ‘shortcomings’ in bank crisis rules

    The European Court of Auditors published an assessment of the EU’s crisis management framework this week. It urged policymakers to align national insolvency procedures with bloc-wide resolution rules, as a way of making sure that banks are treated consistently when they fall into financial difficulty.

  • Renewable energy bid propels EDP block

    Renewable energy bid propels EDP block

    A €534m block in Energias de Portugal, the Portuguese utility company, flew off the shelves on Thursday night driven by investor demand for stocks exposed to renewable energy.

  • RBC keeps it tight after super-subs cash in

    RBC keeps it tight after super-subs cash in

    Royal Bank of Canada priced its first bond issue of the year as Yankee borrowers made the most of good funding conditions in the run-up to US bank earnings season.

  • BOC Aviation flies with $400m bond

    BOC Aviation flies with $400m bond

    BOC Aviation followed Singapore Airlines into the bond market this week, bagging $400m amid a boost in sentiment around the travel industry.

  • Everbright Water seals Rmb1bn Panda

    Everbright Water seals Rmb1bn Panda

    Frequent Panda bond issuer China Everbright Water priced a three year deal on Thursday, meeting its maximum size target of Rmb1bn ($155m).

  • VW makes swift dim sum comeback

    VW makes swift dim sum comeback

    German automaker Volkswagen sold a Rmb500m ($77m) offshore renminbi (CNH) bond on Thursday, just one-and-a-half months after its last outing in the currency.

  • PTT Oil fixes price range for jumbo Thai IPO

    PTT Oil fixes price range for jumbo Thai IPO

    PTT Oil and Retail Business has set the price guidance for its long-awaited IPO. It is aiming to raise up to Bt46.98bn ($1.57bn) from the country’s largest listing in a year.

  • Colombia wraps LM to get ahead of uncertainty

    Colombia wraps LM to get ahead of uncertainty

    Colombia’s public credit head told GlobalCapital that the sovereign had wanted to move quickly to get ahead of potential volatility as it printed $2.84bn of new bonds this week as part of a liability management operation. The official said that the early-year sell-off in US Treasuries had not tainted what was a strong issuance window.

  • ONGC Videsh ditches general syndication plan

    ONGC Videsh ditches general syndication plan

    ONGC Videsh (OVL), the overseas arm of India’s state-owned Oil and Natural Gas Corp, has decided to cancel general syndication for its $700m loan after the bookrunners found enough liquidity during a senior stage.

  • Lat Am storms back with Thursday quartet

    Lat Am storms back with Thursday quartet

    Four heavily oversubscribed Latin American new issues fetched tight pricing on Thursday, dispelling the unease felt at the week’s start and putting the region firmly on track to fulfil the predictions of record primary volumes for a January.

  • Colombia to stay local for green debut, plots govvie ETF, social bond

    Colombia tapped international bond markets for the first time since June this week. But its domestic bond market — which is 25% owned by foreign investors — could be in for a busier year, as the sovereign is set to turn to pesos for its debut green bond in July. It is also laying the ground for a social bond and a government bond ETF.

  • US bond pace cools, but not fazed by politics

    The dollar corporate bond market has a more subdued feel this week, after its stellar start to the year, as US issuers are moving into earnings blackouts. But even as politics took centre stage as Congress moved to impeach President Donald Trump for the second time, ahead of Joe Biden’s inauguration on January 20, corporate borrowers quietly churned out deals.

  • Covered bond supply optimism is misplaced

    Covered bond supply optimism is misplaced

    This week’s burst of covered bonds was exceptionally well received and boosted supply hopes. But even though the funding was cheap and deal execution certain, the supply outlook remains grim.

  • Bank balance sheets could be obscured, says Coen

    Bank balance sheets could be obscured, says Coen

    The impact of coronavirus on economies has led to extraordinary help being granted to banks and their customers. But this brings the risk of problems on banks' balance sheets being hidden, according to William Coen, former secretary general of the Basel Committee on Banking Supervision.

  • Blame the ECB for Spain's lost orders

    Blame the ECB for Spain's lost orders

    Few deals have ever had €75bn of orders. Spain managed to lose that much, but still have €55bn remaining in the book. This is the world the ECB’s purchase programmes have built.

  • SURE programme poses questions for CEE DMOs

    SURE programme poses questions for CEE DMOs

    After a record breaking year for sovereign bond issuance in central and eastern Europe, 2021 could be a different story, thanks to the European Union's vast economic support packages that could reduce the need for many CEE countries to tap international bond markets.

  • People news in brief

    People news in brief

    Natixis promotes DCM bankers — Powell quits IFAD job — NatWest Markets makes Peberdy, Donaldson and Manwaring's positions permanent

  • ¿El Clásico? Spain's big 10yr shocks after losing €75bn of orders

    ¿El Clásico? Spain's big 10yr shocks after losing €75bn of orders

    A book of more than €55bn for a €10bn bond priced with a new issue premium of 1bp would be a gratifying outcome for any sovereign issuer. But Wednesday's syndication for Spain instead attracted robust criticism over price moves during bookbuilding which derailed what was on course to be the biggest order book in bond market history.

  • TIM and Autostrade slip in before political fears hit

    TIM and Autostrade slip in before political fears hit

    TIM, formerly Telecom Italia, got almost €4bn of demand for its debut sustainability bond on Monday, a €1bn eight year. The company put its sustainable financing framework in place last year, an umbrella document allowing it to raise green, social or sustainable finance in bond or loan format.

  • Issuers rush into booming dollar market

    Issuers rush into booming dollar market

    The dollar market has moved from strength to strength this week, with six SSA borrowers benefitting from the superb conditions to slash spreads and offer minimal new issue concessions.

  • Deutsche Bahn steams into Swissies

    Deutsche Bahn steams into Swissies

    After a near two year absence, Deutsche Bahn pulled into the Swiss franc market to issue 15 year debt with no new issue premium this week, landing inside its own euro curve.

  • Fun to stop in sterling market

    Fun to stop in sterling market

    The sterling market began the year in excellent health, with a variety of issuers pulling off successful and substantial deals in the currency. But the supply has moved the basis swap, and the market will likely be forced to pause for breath.

  • Politics and Covid fail to dent UK fee pool optimism

    Politics and Covid fail to dent UK fee pool optimism

    Bankers are betting on a strong year for the UK — Europe’s biggest fee pool — but the overlapping concerns of Brexit, Covid-19 and regulation make for an uncertain outlook, writes David Rothnie.

  • Spain loses over €75bn of orders after ‘shocking’ price move

    Spain loses over €75bn of orders after ‘shocking’ price move

    In a dramatic and unprecedented turn of events on Wednesday, Spain went from being on track to attract the biggest ever order book for a bond issue to losing more than half of its orders, as it slashed the spread of its new 10 year syndicated bond, leaving either a negative or very skinny new issue premium.

  • MEPs vote through harmonised NPL secondary market

    MEPs vote through harmonised NPL secondary market

    The European Parliament's Committee on Economic and Monetary Affairs (ECON) has voted through regulation to harmonise the secondary market for NPLs across Europe, pushing through a key stage of its Action Plan aimed at rebuilding the European economy post-pandemic.

  • Europe’s digital IPO revolution gains steam

    Europe’s digital IPO revolution gains steam

    European investors have become a rich source of equity capital for the continent’s consumer facing, fast growing tech firms over the last few years, providing them with an alternative to listing in the US. Now, these fruits are ripening and Europe’s 2021 IPO calendar is set to provide a bumper harvest, writes Sam Kerr.

  • Record year for CLO refis as managers look to revamp Covid deals

    Record year for CLO refis as managers look to revamp Covid deals

    This year looks likely to set records for CLO resets and refinancings, as managers call deals priced since the coronavirus pandemic began with wide spreads and expensive capital structures. Tightening spreads have also brought some 2018 and 2019 deals into refi or repricing territory, setting up a record year with as much as $78bn in refinancing and $115bn in resets, according to estimates from Deutsche Bank. Paola Aurisicchio reports.

  • EIB doubles up in two currencies

    EIB doubles up in two currencies

    The European Investment Bank pulled off two trades on Thursday, hitting the Canadian dollar market for a Climate Awareness Bond and raising $1bn with a five year linked to the Secured Overnight Financing Rate.

  • KfW sells South African rand green bond

    KfW sells South African rand green bond

    KfW printed its first green bond in South African rand this week, reflecting the growth in demand for sustainable products outside of core currencies, according to a funding official at the agency.

  • Banks unveil bond leg of Verisure’s €1.6bn divi package

    Banks unveil bond leg of Verisure’s €1.6bn divi package

    Banks launched the bond leg of a combined €5bn refinancing for alarm company Verisure, which will raise cash for a €1.6bn dividend to shareholder Hellman & Friedman. This payment follows the transfer of the company between two H&F funds at a €14bn valuation.

  • Europcar CDS worthless as auction misfires

    Europcar CDS worthless as auction misfires

    Some €700m of CDS contracts referencing Europcar’s debt have been rendered worthless thanks to a technical squeeze in the CDS auction on Wednesday, in a blow for investors who thought they’d hedged their exposure to the troubled car rental firm. The controversial result threatens to reignite debates about whether the CDS market is fit for purpose, ahead of an expected wave of restructurings in the year to come.

  • Yapi Kredi to squeeze pricing on tier two dollar deal

    Yapi Kredi to squeeze pricing on tier two dollar deal

    Turkish bank Yapi Kredi launched a tier two dollar bond on Thursday, with demand strong enough for bookrunners to attempt to squeeze pricing. But this is an unorthodox start to the year for Turkish bonds with the traditional curtain raiser from the sovereign nowhere to be seen.

  • Passive investors join green debt caravan

    Passive investors join green debt caravan

    Passive investors are expected to become a bigger force in environmental, social and governance debt investing this year, as index providers and asset managers expand the range of products that apply ESG criteria to bonds.

  • DNB issues most subscribed covered bond

    DNB issues most subscribed covered bond

    DNB Boligkreditt issued a covered bond on Thursday that became its most oversubscribed covered bond ever, equalling the bank’s biggest ever order book. The deal, secured on green mortgages, was priced through its vanilla curve, clearly demonstrating the demand for covered bonds.

  • Oberbank readies sub-benchmark SNP

    Oberbank readies sub-benchmark SNP

    Oberbank is preparing to launch a sub-benchmark non-preferred senior deal into a quiet FIG market that has not seen a senior deal since Tuesday.

  • Hut attracts huge demand in first block since IPO

    Hut attracts huge demand in first block since IPO

    Investors flocked to the first block trade in The Hut Group (THG), the UK e-commerce company that was listed on the London Stock Exchange in September, in an overnight trade on Wednesday evening.

  • Energean takes $700m loan to get Karish gas pumping

    Energean takes $700m loan to get Karish gas pumping

    Energean, the London-listed oil and gas company, has signed a $700m loan to develop a gas field off the shore of Israel, as the company enters the final stretch in having the field up and running.

  • Singapore’s OCBC names Wong as CEO

    Singapore’s OCBC names Wong as CEO

    Oversea-Chinese Banking Corp has appointed Helen Wong as its next chief executive, propelling the former HSBC banker to the top job just a year after she joined the Singaporean lender.

  • Bankers brave multiple risks (for a drink)

    The response of people to the coronavirus has been nothing short of inspiring. Not least bankers' creative solutions to carry on drinking. Taipan considers the best —and worst — options.

  • Spacs jump-start in Asia after US boom sparks overseas interest

    Spacs jump-start in Asia after US boom sparks overseas interest

    Thiel Capital, the investment firm of billionaire venture capitalist Peter Thiel, this week launched its second southeast Asia special purpose acquisition company (Spac) in less than four months. The deal marks a coming trend in Asia-focused ‘blank cheque companies’, say bankers. Jonathan Breen reports.

  • Loans bankers nervous amid small pipelines, lack of visibility

    Loans bankers nervous amid small pipelines, lack of visibility

    Loans bankers in Asia are battening down the hatches, faced with a small deal pipeline and little visibility on better market conditions. While some respite may come their way after the Chinese New Year holiday, bankers are uncertain about the way forward for the syndication business. Pan Yue reports.

  • Tower Bersama uses upgrade to reel in buyers

    Tower Bersama uses upgrade to reel in buyers

    Indonesia's Tower Bersama Infrastructure used its recent rating upgrade to entice investors to its $300m bond on Wednesday. Price discovery was not easy but the telecommunication tower provider’s improving business profile appealed to the market.

  • Singapore Airlines swoops into dollar market

    Singapore Airlines swoops into dollar market

    Singapore Airlines made its debut in the dollar bond market on Wednesday, raising funds for new aircraft purchase as the travel industry prepares for a rebound in the near future.

  • SK Hynix dollar bonds spark investor rush

    SK Hynix dollar bonds spark investor rush

    SK Hynix was overwhelmed with investor demand for its triple-tranche dollar deal on Wednesday. It raised $2.5bn, but non-stop demand drove the bonds nearly 20bp tighter in the secondary market on Thursday.

  • China ABS off to strong start, BMW scores

    China ABS off to strong start, BMW scores

    BMW Automotive Finance (China) Co has sold its first auto loan ABS of 2021, locking in longer-dated financing with a 14 month revolver. The deal added to a strong start for the onshore securitization market in the New Year as bond yields fell from their highs at the end of 2020, writes Addison Gong.

  • Mexico lines up euro LM

    Mexico lines up euro LM

    Just over a week after it reopened EM bond markets with a dollar deal, Mexico is turning to euros for a dual tranche new issue as part of a liability management exercise.

more leveraged/non-investment grade