JP Morgan
-
SSA issuers raised $273.4bn in ESG bonds this year
-
SSA issuers look to private placements to meet annual funding targets
-
Bank pounces on credit rally with opportunistic trade to end its funding for the year
-
As the world came out of the coronavirus pandemic, bond market conditions in 2022 did the opposite of what was expected of them and sharply deteriorated. Rising inflation, in part a result of the war in Ukraine, supply bottlenecks and fast tightening central banks all hurt banks’ abilities to access stable funding in international markets. Accessing unsecured primary financing, even senior debt, was no mean feat as new issue premiums moved higher for most of the year on top of skyrocketing spreads. Refinancing subordinated bonds at economic levels was far more challenging amid extreme volatility that brought back memories of the 2008 global financial crisis. Four bellwether deals are recognised this year for their market-leading achievements and successful execution that empowered the rest of the FIG market in Europe. They not only re-opened market access to a broader issuer base but also gave much needed confidence boost to battered investors. By Atanas Dinov and Frank Jackman.
-
Sponsor-backed duo exploit window for high yield and leveraged loans
-
Pick-up in high yield issuance offers fresh chance to refinance Bain acquisition
-
Japanese shareholder sold off its 14.56% stake throughout the year
-
Pricing closes acquisition financing effort for William Hill
-
Top tier name profits from its track record to pay lower upfront costs
-
Altice issues €2.04bn-equivalent loan at 500bp, up from 275bp for previous facility
-
Long-only investors bought the majority of the rights in the wallcrossed tail-swallow
-
Executives suggest staying close to clients is a priority during turbulent economic times