Leveraged/non-investment grade

  • Momentum builds for AUTO1 IPO ahead of bookbuild

    Momentum builds for AUTO1 IPO ahead of bookbuild

    Books are set to open on the IPO of AUTO1, the online marketplace for second hand cars, next week with the deal garnering good momentum in the pre-deal education process, according to sources close to the deal.

  • InfraVia injects SDG into equity bridge

    InfraVia injects SDG into equity bridge

    Infravia Capital Partners, the French private equity firm, has amended an equity bridge facility to make it align with the UN’s Sustainable Development Goals. Margins are tied to the ESG performance of its fund’s investments, following the lead of EQT and Eurazeo.

  • Global banks lead dollar funding blitz

    Global banks lead dollar funding blitz

    Four US global banking titans roared out of earnings blackout to raise more than $20bn of debt this week, issuing deals either side of president Joe Biden’s inauguration.

  • JBIC to return to sterling market after long absence

    JBIC to return to sterling market after long absence

    The Japan Bank for International Cooperation has picked backs for a sterling five year benchmark, replacing its last bond in the currency — a trade issued in February 2014 that matured in December 2020.

  • Credit Suisse's SSAF selects seven

    Credit Suisse's SSAF selects seven

    Credit Suisse has made seven appointments within its sustainability strategy, advisory and finance (SSAF) unit:. Five are external hires while two come from its own investment bank.

  • DZ Hyp readies its first covered deal of 2021

    DZ Hyp readies its first covered deal of 2021

    DZ Hyp is preparing to print its first covered bond of the year. The deal could be launched as soon as Monday, which would allow the German lender to get its business done ahead of an expected EU deal for the Support to Mitigate Unemployment Risks in an Emergency (SURE) programme.

  • Do & Co prints debut convertible

    Do & Co prints debut convertible

    Austrian catering services company Do & Co has issued a €100m convertible bond to shore up its balance sheet and fund investment opportunities once an economic recovery from the pandemic materialises.

  • GlobalCapital ECM awards: polls open

    GlobalCapital ECM awards: polls open

    GlobalCapital has launched the process to decide the winners of our Equity Capital Markets Awards for 2020. The results will be announced at the end of March.

  • Caffil to issue social covered bond private placements

    Caffil to issue social covered bond private placements

    Caffil plans to issue privately placed covered bonds from its social framework, which secures financing for French hospitals. The longer maturities on offer will diversify from those targeted in its benchmark deals and more closely match its loan liabilities, as well as fulfilling investor needs.

  • Primavera Capital nets $360m from Spac IPO

    Primavera Capital nets $360m from Spac IPO

    Primavera Capital Acquisition Corp, a so-called blank cheque company, has raised $360m from a larger-than-expected New York Stock Exchange IPO that has added further momentum to the increasingly hot asset class.

  • Orient Overseas, healthcare duo tap Hong Kong ECM

    Orient Overseas, healthcare duo tap Hong Kong ECM

    Orient Overseas (International) has scooped up HK$932.5m ($120.3m) from a top-up placement, increasing the deal on strong anchor investor demand. Two other Hong Kong-listed companies, both from the healthcare sector, also turned to investors on Thursday.

  • Amaggi hits Lat Am sweet spot with sustainability bond

    Amaggi hits Lat Am sweet spot with sustainability bond

    Bond bankers said that Brazilian agribusiness company André Maggi (Amaggi) was the ideal credit for the market’s current tastes as the borrower notched a hefty oversubscription and tightening for a debut sustainability bond on Thursday. A tier two deal from Brazilian lender Banrisul confirmed that high yield appetite in Lat Am remained robust.

  • Investors flock to PFC for yield pickup

    Investors flock to PFC for yield pickup

    Power Finance Corp netted $500m from a bond that was printed at a negative new issue premium, but still attracted investors for the yield it offered compared to peers.

  • ADB readies long-awaited Panda return

    ADB readies long-awaited Panda return

    The Asian Development Bank (ADB) has hired banks to arrange a roadshow for its first Panda bond in over a decade, to be launched after Chinese New Year.

  • QNB taps CNH liquidity for Rmb1.5bn bond

    QNB taps CNH liquidity for Rmb1.5bn bond

    Qatar National Bank, a frequent issuer in the offshore renminbi bond market, has sold its first deal of the year in the currency, raising Rmb1.5bn ($232m).

  • EM primary thrives but rates fears simmering

    EM primary thrives but rates fears simmering

    Emerging markets issuers across CEEMEA and Latin America once again triumphed in primary bond markets this week, with several sovereigns and corporates notching record low costs of funding. But there are signs that the direction of US rates is playing on investors’ minds, write Mariam Meskin and Oliver West.

  • NCB sells AT1, market anticipates govvie deal

    NCB sells AT1, market anticipates govvie deal

    Saudi Arabia’s National Commercial Bank sold an additional tier one bond this week. Some see the trade from the kingdom’s largest financial institution as a prelude to a bond sale by the sovereign, which could happen next week.

  • Investors put ECB commitment to the test

    Investors put ECB commitment to the test

    European Central Bank president Christine Lagarde refused to be drawn into naming a specific spread target that the central bank will defend in a press conference on Thursday but investors may find out for themselves in the wake of the meeting. BTPs sold off sharply after Lagarde spoke, perhaps indicating that the central bank has not done enough to convince investors of its support.

  • Aircraft lessors crowd to market after monster rally

    Aircraft lessors crowd to market after monster rally

    Companies in the same sector often copy each other, but this year's string of bond issues by aircraft lessors has been exceptional, and is prompted by the sector's credit rehabilitation. Air Lease Corp took the recovery past a new milestone this week.

  • Buyers queue down the aisle for Tesco SLB

    Buyers queue down the aisle for Tesco SLB

    Tesco, the UK grocer, made a storming debut in the nascent sustainability-linked bond market on Wednesday, encouraging bankers who already expect corporate issuance using the novel structure to rocket this year.

  • Swissie investors target quality not quantity

    Swissie investors target quality not quantity

    Swiss franc bond investors are pursuing high quality issues, with Münchener Hypothekenbank harnessing this demand to price a tap of its green preferred senior bond 12bp through fair value this week.

  • Austrians keep quiet euro market ticking

    Austrians keep quiet euro market ticking

    A pair of Austrian banks kept a quiet senior euro market ticking over earlier this week. Erste targeted price over size with a new senior deal, while Oberbank attracted a granular orderbook on its first visit to the non-preferred market.

  • France smashes 50 year as EU preps first SURE deal of 2021

    France smashes 50 year as EU preps first SURE deal of 2021

    France stole the limelight in the euro public sector bond market this week as it set new records for 50 year benchmarks in terms of size, demand and yield. But next week all eyes will be firmly fixed on the EU, which is set to bring its first bond of the year under its Support to Mitigate Unemployment Risks in an Emergency (SURE) funding programme.

  • AA’s £280m bond helps rare debt-lowering LBO

    Barclays took out the bridge financing for TowerBrook and Warburg Pincus’s takeover of UK roadside assistance group The AA on Wednesday, selling a £280m five year bond at 6.5%.

  • Cornerstones go mainstream for European IPOs

    Cornerstones go mainstream for European IPOs

    Companies are increasingly turning to cornerstone and anchor investors to support their IPOs across the price range before deals are launched. While the phenomenon is common in Asia and the Nordic markets, it has been rarer in UK and most continental European deals until now, but the trend is turning into the norm, reports Sam Kerr.

  • Soriano surfaces at Natixis

    Soriano surfaces at Natixis

    Natixis has hired Mark Soriano, formerly at Barclays, for its capital structure and rating advisory team.

  • Rekeep opens the racy end

    Italian facility management company Rekeep signalled market appetite for the spicier end of high yield this week, issuing a €350m five year non-call two at 7.25%. This will trim the company’s sky high funding costs, paying for the redemption of its 9% 2022s.

  • Land NRW scores with new 30 year ahead of ECB meeting

    Land NRW scores with new 30 year ahead of ECB meeting

    The State of North Rhine-Westphalia found plenty of demand as it came to the market with a new 30 year benchmark on Thursday, ahead of the European Central Bank’s first monetary policy meeting of the year.

  • Bruxelles Lambert shrugs off ECB noise, issues new bond

    Bruxelles Lambert shrugs off ECB noise, issues new bond

    Groupe Bruxelles Lambert, the Belgian investment holding company, found a warm response from the bond market on Thursday, despite the potential distractions of a European Central Bank meeting being held on the same day.

  • Webuild and United spot window for opportunistic HY taps

    Two issuers spotted a window on Thursday for opportunistic high yield issues, as the Crossover index had tightened 9bp on Wednesday and there was a firm tone in other risk assets. Italian construction group Webuild launched a €150m tap of its 2025 note, launched in December, while Balkan telco United Group reopened its 2027s for €100m.

  • Santander pins corporate finance strategy on ESG

    Santander pins corporate finance strategy on ESG

    Santander reckons it can harness the power of hydrogen to boost its standing in corporate and investment banking, building on its ESG credentials in similar way to how rivals built supremacy during the internet boom, writes David Rothnie.

  • Unifin launches exchange, plots new deal

    Unifin launches exchange, plots new deal

    Mexican non-bank lender Unifin Financiera is planning an eight year bond issue of up to $500m, with up to $200m set to come via an exchange offer for existing bonds. But bondholders participating in the exchange are unlikely to receive much by way of increased returns for pushing out their maturities.

  • Panama, Paraguay pay limited concession as 10 year emerges as sweet spot

    Panama, Paraguay pay limited concession as 10 year emerges as sweet spot

    Bond markets continue to offer Latin American sovereigns tight pricing down the dollar curve, with Panama and Paraguay on Wednesday becoming the latest pair to price dual tranche deals. But with rates curves having steepened this month amid the expectation of higher rates in the long term, bankers are sensing that the 10 year is becoming the sweet spot on the maturity curve.

  • Everything rally boosts Europe's blocks market

    Everything rally boosts Europe's blocks market

    Stocks have hit new all-time highs in the wake of Joe Biden’s inauguration as US president on Wednesday. Barring any shocks, the bullishness in equity markets is expected to translate into a strong blocks market over the coming weeks and months.

  • RBC promotes from within as Uden retires

    RBC promotes from within as Uden retires

    RBC Capital Markets has reorganised its European equity capital markets and corporate broking business following the decision of Darrell Uden to step down at the end of this month.

  • Capital trades the focus for Aussies in 2021

    Capital trades the focus for Aussies in 2021

    Westpac kicked off 2021’s Australian financials market on Thursday by launching a new tier two bond. Aussie borrowers are expected to focus on capital trades this year in order to meet their total loss-absorbing capacity (TLAC) requirements with tier two debt.

  • Gold rush: Russian miners prep IPO plans

    Gold rush: Russian miners prep IPO plans

    Two Russian gold miners are among a number of Russian companies looking at listing possibilities in 2021 capitalising on a strong 2020 for the precious metal.

  • HSBC team to target MENAT ESG activity

    HSBC team to target MENAT ESG activity

    HSBC has created a dedicated sustainable and transition finance team for the Middle East, North Africa and Turkey, as the region tries to make its economies more sustainable.

  • Perfect chemistry as investors cheer Ineos’s €4.6bn BP integration package

    Investors have enthusiastically backed a €4.6bn financing package for Ineos Quattro, funding the integration of BP’s aromatics and acetyls business into the chemicals conglomerate. Strong demand allowed the company to raise more secured debt than expected, cutting funding costs, and strip out a bank-targeted term loan ‘A’ in favour of a bigger, cheaper, institutional term loan ‘B’.

  • Investment banks report full pipelines after excellent 2020

    Investment banks report full pipelines after excellent 2020

    Top US bankers are optimistic about their investment banking businesses for the start of 2021, after a stellar 2020 during which their clients rushed to financing markets to help them get through the Covid-19 crisis, and government and central banks provided essential support.

  • Drop in covered bond supply questioned

    Drop in covered bond supply questioned

    The covered bond market is set to experience one of the steepest declines in issuance on record this January. Yet, despite a poor start, bankers still expect a resurgence in the primary market, although extended lockdown restrictions are creating uncertainty.

  • Energy firms facing insolvency bank on ABS

    Energy firms facing insolvency bank on ABS

    Securitization is emerging as the last resort for some US oil and gas companies seeking funding. Banks are deserting the equity and reserve-based lending markets they rely upon. But investors have proved eager to deploy capital in well-structured shale deals that can yield as much as 6%, meaning the ABS market may provide a lifeline for the struggling energy firms, writes Jennifer Kang.

  • What price bonds in the Biden era?

    What price bonds in the Biden era?

    A new era has begun in the US, with the swearing in of Joe Biden as president. For America and the rest of the world it is a sea change in leadership style and political substance.

  • BYD nabs $3.6bn from new share placement

    BYD nabs $3.6bn from new share placement

    Chinese car manufacturer BYD has closed Hong Kong’s largest primary share placement in more than half a decade, raising HK$29.9bn ($3.86bn). The issuer tapped the market as the local benchmark Hang Seng Index hit a record high, getting strong demand from mainland investors. Jonathan Breen reports.

  • People news in brief: January 21, 2021

    People news in brief: January 21, 2021

    JP Morgan names China JV CEO — Credit Suisse forms Japan ECM unit — MUFG hires markets research lead — Nomura bulks up in wealth management

  • SJM gets $10bn book for $1bn bond debut

    SJM gets $10bn book for $1bn bond debut

    Macau casino operator SJM Holdings generated a $10bn-plus book for its $1bn debut bond this week, despite tight pricing and the lack of US investors. Its credit profile, the transaction’s timing and a comprehensive marketing strategy worked in its favour.

  • Mphasis to set new record for LBO loan size from India

    Mphasis to set new record for LBO loan size from India

    Asia’s loans bankers are salivating over the prospects of working on the largest ever leveraged buyout loan from India. Blackstone is looking to exit from IT services company Mphasis in a deal that has seen plenty of interest from other private equity firms. Pan Yue reports.

  • Fosun goes offshore for $500m

    Fosun goes offshore for $500m

    Chinese conglomerate Fosun International went to the international debt market on Wednesday for a $500m deal.

  • Cédulas spreads to tighten as asset quality weakens

    Cédulas spreads to tighten as asset quality weakens

    The Spanish government’s decision to extend laws that prohibit tenant evictions is a blow for the credit strength of the country's covered bond and mortgage securitizations. But even so, supply scarcity will continue to have more influence on Cédulas valuations and spreads, which have already tightened this year and may well have further to go.

  • Moody’s rates first aircraft ABS in 10 years

    Moody’s rates first aircraft ABS in 10 years

    Castlelake priced the first aircraft securitization since the pandemic on Wednesday, kindling hopes of revival in a battered sector most severely hit by Covid-19. The deal is also the first aircraft transaction that Moody’s has rated in more than 10 years, following a change in rating methodology by the company.

  • CSAM prices largest CLO in two years

    CSAM prices largest CLO in two years

    Credit Suisse Asset Management (CSAM) has priced the largest CLO in the past two years, a $850m transaction with a three year reinvestment period called Madison Park Funding XLVIII.

  • Cades brings first ever SSA sterling social bond

    Cades brings first ever SSA sterling social bond

    Caisse d’Amortissement de la Dette Sociale (Cades), the agency responsible for financing and amortising French social security debt, printed a £1.5bn social bond on Wednesday — the first ever deal in that currency and format from a public sector borrower.

  • Huge demand for SLB from ambitiously green Tesco

    Huge demand for SLB from ambitiously green Tesco

    Tesco, the UK grocer, made a storming debut in the sustainability-linked bond market on Wednesday, encouraging bankers who already expect corporate issuance using the novel structure to rocket this year.

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