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Amazon wonder-print belies global inflation jitters

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Amazon wonder-print belies global inflation jitters

E-commerce giant Amazon did the unthinkable this week and printed two year debt just 10bp wide of where investors could buy US Treasuries, the closest a company has ever got to US government debt. But with a high US inflation number sending a shockwave through markets days later, corporate and FIG credit markets are wondering whether they need to brace for a period of panic, write Tyler Davies and Mike Turner.

  • Investors push back on aggressive bond pricing

    Investors push back on aggressive bond pricing

    A number of Chinese high yield borrowers that hit the dollar bond market this week have seen mixed responses to their notes in secondary trading, which bankers say is a sign of changing market sentiment and investor response.

  • Deutsche hires pharma banker from HSBC

    Deutsche Bank has hired Priyanka Verma, a senior investment banker specialising in pharmaceutical services and diagnostics, from HSBC in New York.

  • CRCC raises dollar and euro debt

    CRCC raises dollar and euro debt

    China Railway Construction Corp (CRCC) sold two tranches of five year bonds, one in dollars and the other in euros, to net more than $663m.

  • China property bond flurry continues

    China property bond flurry continues

    The rapid pace of new dollar bond issuance from Chinese property companies continued from Monday into Tuesday as four more borrowers joined the fray.

  • Fosun returns for $500m

    Fosun returns for $500m

    Chinese conglomerate Fosun International has sold its second dollar bond of 2021, raising $500m once again.

  • PMM: SSA boom is back as issuers price tight

    PMM: SSA boom is back as issuers price tight

    SSA issuers are flocking back to the dollar and euro market this week after seemingly just pausing for breath over the last two weeks, when deals were thin on the ground with many of the top tier names well ahead on their funding rates. They will be hoping to match a trend from last week, where conditions approved across most markets.

Corporate Bonds News Archive

  • JSW Hydro makes a splash with green bond

    JSW Hydro makes a splash with green bond

    JSW Hydro Energy, a subsidiary of Indian power company JSW Energy, sold its first international bond this week, taking $707m from the green transaction.

  • Chinese issuers raise $1.14bn from SLB debuts

    Chinese issuers raise $1.14bn from SLB debuts

    Seven Chinese issuers bagged Rmb7.3bn ($1.14bn) from their inaugural sustainability-linked bonds (SLBs) in the onshore market, as part of Beijing’s efforts to meet its ambitious carbon goals.

  • Red Eléctrica and Volvo Treasury prove ‘greenium’ at A ratings

    Red Eléctrica and Volvo Treasury prove ‘greenium’ at A ratings

    The spread benefit of ESG-linked debt was on clear display in Europe’s corporate bond market this week. For the second time in days, investors were offered two similar transactions and paid significantly more for the ESG option, in this case a green bond from Red Eléctrica.

  • US, local names crowd into euro corporate market

    US, local names crowd into euro corporate market

    A smattering of European investment grade companies are lining up bond issues, as May continues to bring the turnaround in issuance levels that the market had been hoping for in the run-up to the UK bank holiday at the start of the month.

  • Italian issuers say ‘si grazie’ to HY market

    Italian issuers say ‘si grazie’ to HY market

    Monday brought another strong start to the week for European high yield, with six new bonds announced and other deals, such as EQT’s Cerba healthcare financing, set to close this week. Italian issuers led the way, with bonds for International Design Group, Lutech and Cedacri in the market.

  • Ion spreads financing wings, brings in JP Morgan

    Ion spreads financing wings, brings in JP Morgan

    JP Morgan is running the acquisition financing for Ion Investment Group’s purchase of Italian banking software group Cedacri, a major shift for the finance, technology and data group, which has relied on Credit Suisse and UBS to fund its spree of its debt-fuelled acquisitions. The group also turned to high yield bonds for the first time recently, a major departure for a company which once prized the privacy of the loan market.

  • Cred Ag fills senior DCM roles from within

    Cred Ag fills senior DCM roles from within

    Crédit Agricole has promoted four staffers to fill vacant and newly created positions in its debt capital markets leadership team, including global head of financial institutions DCM and head of European corporate DCM.

  • EQT mixes CO2 and diversity in first SLB from private equity

    EQT mixes CO2 and diversity in first SLB from private equity

    EQT achieved a strong response from investors on Friday when it launched the first sustainability-linked bond from a private equity firm, and only the second from a financial company. The €500m deal is tied to greenhouse gas emission cuts and gender diversity metrics.

  • Syndicated loans, bonds boost Cred Ag earnings

    Syndicated loans, bonds boost Cred Ag earnings

    Crédit Agricole emphasised high levels of activity in syndicated loans and fixed income, especially among French clients, as it revealed a strong set of quarterly earnings on Friday.

  • Jacquet Metal Service leads SSD revival

    Jacquet Metal Service leads SSD revival

    French steel parts and distribution company Jacquet Metal Service has launched a further Schuldschein, according to sources. The market is gearing up for somewhat of a renaissance after a moribund 2020 and GlobalCapital understands that 10-15 more transactions are set to be launched in May.

  • LatAm primary charges on with ‘incredible’ deals

    LatAm primary charges on with ‘incredible’ deals

    Four Latin America and Caribbean companies sold new issues in the dollar market at very tight looking levels on Thursday, as investors continue to feel pressure to put to cash to work amid extremely high liquidity.

  • Golden Energy wields high yield

    Golden Energy wields high yield

    Golden Energy and Resources drew in investors with an 8.875% yield on its bond on Thursday, allowing the mining company to raise $285m.

  • Chinese borrowers return to bond market

    Chinese borrowers return to bond market

    Three regular dollar bond issuers from China were the first out of the gates to tap investors on Thursday following a long holiday in the Mainland.

  • Dollar bond market breaks out in green spots

    Dollar bond market breaks out in green spots

    Green bonds took centre stage in the US corporate bond market this week, as issuance began to mount again after the recess for earnings blackouts. No less than three deals paired green and conventional tranches.

  • Learning by doing: SLBs to surge, though role still needs defining

    Learning by doing: SLBs to surge, though role still needs defining

    Sustainability-linked bonds are the hot capital markets product of 2021, and are developing so fast that even specialists in the field find it hard to keep up with the pace. The market has benefited from the very early definition of guiding principles last year but, writes Jon Hay, big questions remain about what the instrument is for and how it should be governed.

  • IG corp buyers show preference for ESG and short maturities

    IG corp buyers show preference for ESG and short maturities

    The demand for sustainability-linked bonds was made clear on Thursday, as French minerals company Imerys’s deal commanded more than double the demand of Swedish property firm Sagax’s conventional trade, despite sharing big similarities.

  • Attractive arb for Deutsche Bahn 12 year Swissie

    Attractive arb for Deutsche Bahn 12 year Swissie

    Despite paying a chunky new issue premium, Deutsche Bahn was still able to score some attractive arbitrage with its latest Swiss franc deal this week, and with favourable pricing on offer for foreign names, bankers are confident more could follow.

  • LimakPort lining up dollar bond as Turkey holds rates steady

    The new governor of Turkey’s central bank, Şahap Kavcıoğlu, kept rates unchanged at his second monetary policy meeting since taking office. Although a rate cut was unlikely, the decision bodes well for next week’s planned dollar bond issue by LimakPort.

  • IG corp investors pile into anything with yield

    IG corp investors pile into anything with yield

    Europe’s high grade corporate bond investors clamoured for spread this week, with low triple-B rated companies Aker BP and Holding d’Infrastructures de Transport (HIT) finding ample demand a day after Eni had sold hybrid debt.

  • 'Greenium' exists for IG corps even at sub-benchmark sizes

    'Greenium' exists for IG corps even at sub-benchmark sizes

    The demand for sustainability-linked bonds was laid bare on Thursday, as French minerals company Imerys’s SLB commanded more than double the demand of Swedish property firm Sagax’s conventional trade, despite both deals sharing major similarities.

Corporate Bonds News Archive