• Stada interest prompts bigger bond

    Order books for the dual tranche high yield bond deal from German pharmaceutical company, Stada, closed at noon on Thursday. Such was the demand for the secured tranche that the deal was was increased by €250m.

    • 03:00 PM
  • Deutsche Bahn debuts in Kangaroo market

    Deutsche Bahn raised A$600m ($475.4m) with its debut Kangaroo bond on Thursday, making it the first German corporate to issue in the market.

    • 02:30 PM
  • China’s high yield issuers face unrelenting battle with NDRC

    It has been a tough year for Chinese issuers as they battle with the National Development and Reform Commission (NDRC) to get go-aheads for offshore bond sales. But the regulator’s snail-like approval process appears to be crawling to a near standstill ahead of the National Congress of the Communist Party, leaving bankers befuddled about what to expect for the rest of the year. Morgan Davis reports.

    • 01:30 PM
  • Three high yield borrowers take over €1bn

    Aside from the leveraged deals for Stada and Miller Homes, three sub-investment grade borrowers printed deals in the high yield corporate bond market on Thursday. The three issuers all used different tenors to raise a combined €1.06bn.

    • 01:30 PM
  • Gatwick lands 22 year sterling deal

    Gatwick Airport brought the second sterling investment grade corporate bond of the week on Thursday, following Pennon’s £300m hybrid on Monday.

    • 01:00 PM
  • NorteGas debuts with €1.3bn dual tranche

    Spanish gas distribution company, NorteGas Energía Distribución, was the only investment grade corporate bond issuer in the euro market on Thursday. Its debut deal was a €1.3bn five year and 10 year dual tranche offering.

    • 12:15 PM
  • Sunshine counts on anchors for refinancing

    Investors familiar with Sunshine 100 China Holdings’ credentials shrugged off a recent ratings downgrade to gobble up its new $235m bond, which will allow the company redeem a note coming due imminently.

    • 09:00 AM
  • Asklepios Kliniken looks for chunky Schuldschein

    German Asklepios Kliniken launched a €300m triple tranche Schuldschein on Wednesday, with pricing that could tempt a wide variety of lenders.

    • 20 Sep 2017
  • Stada and Miller ready to go

    The German pharmaceutical company, Stada, and the UK housebuilder, Miller Homes, both complete their high yield bond roadshows on Wednesday with the deals expected to follow before the end of the week.

    • 20 Sep 2017
  • Brenntag, Goodman and Voestalpine become latest long lost issuers to return

    In September, a number of issuers have returned to the European corporate bond markets after a number of years without issuing. On Wednesday, German chemicals distributor, Brenntag, Australian property company Goodman, and Austrian steel company, Voestalpine, were the latest to join that list.

    • 20 Sep 2017
  • KazTransGas tightens debut in line with owner

    Kazakhstan’s KazTransGas has made its debut in the bond markets, raising $750m of 10 year money close to where its state-run owner KazMunaiGas trades.

    • 20 Sep 2017
  • Corporate bond flow: nice, steady and tight

    Corporate bond investors seem to be happy with what they deem the sensible pace of new issuance so far in September. And they are keen for it to continue.

    • 20 Sep 2017
  • SP PowerAssets pierces curve with new deal

    Singapore power company SP PowerAssets grabbed $600m on Tuesday from a tightly priced investment grade bond that reset its debt curve.

    • 20 Sep 2017
  • Beijing Infrastructure bond makes strong secondary action

    Beijing Infrastructure Investment Co priced its first dollar bond in three years, raising $700m from a six times covered deal on Tuesday. The notes tightened around 10bp in secondary, putting the spotlight on what some considered generous pricing.

    • 20 Sep 2017
  • Sunshine tackles refi needs with new bond

    Property developer Sunshine 100 China Holdings, rated CCC+ by S&P and B- by Fitch, is taking bids for a new dollar bond, in a bid to address its looming debt maturity.

    • 20 Sep 2017
  • Deutsche Bahn tests water down under

    Deutsche Bahn is soft-sounding investors about a lengthy Kangaroo bond, with an eye on Australian and Asian buyers.

    • 19 Sep 2017
  • Successful return for Gecina within three months of last deal

    On Tuesday, Gecina, the French property company, printed a successful €700m long 10 year bond, having sold €1.5bn of bonds as recently as the end of June to help fund its acquisition of Eurosic.

    • 19 Sep 2017
  • Engie extends extensive green curve with treble

    Engie, the French energy utility, priced its second green bond transaction of 2017 on Tuesday. The longest tranche of its three tranche offering extended the issuer’s green bond curve by nearly 10 years.

    • 19 Sep 2017
  • What geopolitical tensions? Hyundai, Kookmin seal bonds

    Geopolitical tensions around North Korea did not close the primary debt market this week, as Hyundai Motor Group’s US arm snapped up $1bn from a triple-tranche deal and Kookmin Bank priced a $500m trade on Monday.

    • 19 Sep 2017
  • NDRC gives more nods for offshore bonds

    A group of seven Chinese companies have successfully registered with the National Development and Reform Commission (NDRC) to raise foreign currency bonds, according to an update on the regulator’s website on Tuesday.

    • 19 Sep 2017
  • KWG goes tight on $250m comeback

    Chinese property developer KWG Property Holding grabbed a modest $250m on Monday from a transaction sealed at an ultra-tight price.

    • 19 Sep 2017
  • SP PowerAssets lights up rare dollar bond

    Singapore power company SP PowerAssets began marketing a rare dollar transaction on Tuesday morning, nearly two years after it last hit the offshore debt market.

    • 19 Sep 2017
  • Beijing Infrastructure returns to dollars, APP China on the road

    Beijing Infrastructure Investment Co is in the market with its first dollar bond in nearly three years, while APP China Group is meeting debt investors in Hong Kong.

    • 19 Sep 2017
  • Miller Homes builds debut HY offering in tightening sterling market

    UK housebuilder Miller Homes will start a two day roadshow for its first high yield deal on Tuesday, as spread tightening for sterling bonds with speculative grade ratings more than 100bp so far this year.

    • 18 Sep 2017
  • Interoute to hang up on HY bonds with new refi loan deal

    UK operator of cloud services Interoute is set to redeem all of its high yield bond issues with a new leveraged loan offering this week.

    • 18 Sep 2017
  • Tight print trend gathers momentum

    September has seen a variety of issuers access the corporate bond market. From regular issuers to those who have not issued for over a decade, the consistent theme has been single digit new issue premiums for what one syndicate manager described as “manageable deal sizes.” Monday saw new issues in a similar vein.

    • 18 Sep 2017
  • Shougang pursues dollar bond sale

    Chinese steel company Shougang Group Co has mandated banks to lead a roadshow this week ahead of a proposed dollar bond.

    • 18 Sep 2017
  • Reverse enquiry shores up Tianjin Lingang’s debut

    China’s Tianjin Lingang Investment Holding Co grabbed $260m from an open-and-shut debut deal on Friday, which was driven by reverse enquiry.

    • 18 Sep 2017
  • South Korean issuers continue to roll out deals

    South Korean dollar bonds are hitting the market unabated despite a new missile launch from North Korea last Friday, with Hyundai Capital America and Kookmin Bank marketing new paper.

    • 18 Sep 2017
  • KWG builds year’s second dollar outing

    Chinese developer KWG Property Holding is back in the dollar debt market just six months after raking in $400m from a five and a half year bond.

    • 18 Sep 2017
  • Stada seeks €825m of high yield for landmark LBO

    Stada Arzneimittel’s €5.3bn financing is the biggest for a sponsor-led corporate buyout in Europe since 2013. The bond roadshow opens on Monday, after €2bn of leveraged loans last week were marketed last week.

    • 15 Sep 2017
  • Land Securities pockets £1bn, buys back old bonds

    After Monday’s dual tranche offering from Unilever, the sterling corporate bond market paused ahead of Thursday’s Bank of England Monetary Policy Committee.

    • 15 Sep 2017
  • Corporate bond week ahead: FOMC holds no fears

    Eleven benchmark corporate bond deals were priced in Europe this week, but even more are in the pipeline. Syndicate managers expect conditions to remain favourable for issuance in both euros and sterling.

    • 15 Sep 2017
  • KNOC finds opportune timing for Canada arm's bond

    Korea National Oil Corp’s (KNOC) Canadian arm grabbed a $285m bond on Thursday, securing its deal before North Korea fired its second ballistic missile over Japan on Friday morning.

    • 15 Sep 2017
  • Investors on shopping spree grab Red Star’s debut

    Red Star Macalline Group Corp priced a tight $300m debut deal on the back of a book nearly seven times subscribed, after investors chased its notes because of the diversity benefits.

    • 15 Sep 2017
  • Get real on climate risk, investors tell banks

    A hundred investors managing $1.8tr of assets have signed a letter calling on banks to say more about how they are managing the risk of climate change, and to publish a strategy saying how they support the goals of the Paris Agreement.

    • 14 Sep 2017
  • Variety of oil bonds for US investors as Concho and BP hit their targets

    Investors scrambled for yield in the dollar bond market this week as Concho Resources printed its debut investment grade offering amid nearly $19bn of other corporate offerings.

    • 14 Sep 2017
  • Ahold Delhaize EUR750m 0.875% Sept 2024

    • 14 Sep 2017
  • Anglo American Capital EUR600m 1.625% Sept 2025

    • 14 Sep 2017
  • Suez pushes maturity marker out to 15 years

    Since the market returned from its summer break, no corporate bond issuer had printed a new deal with a tenor longer than 12 years before Wednesday. However, on Wednesday French water and waste company Suez Environnement pushed through to 15 years with a €500m trade.

    • 14 Sep 2017
  • Asahi sees strong European taste for beer

    On Monday, Japanese brewer Asahi Group brought the fourth European bond issue by a beer producer in Europe in 2017, having roadshowed its debut euro bond the previous week.

    • 14 Sep 2017
  • Anglo celebrates return to IG with four tenders and a new eight year

    UK-based global mining company Anglo American launched a €1.2bn tender offer and a €600m new issue on Wednesday after recently being returned to investment grade status following 18 months with a junk bond rating.

    • 14 Sep 2017
  • Investors respond well to Ahold’s return to bond market after over a decade away

    Ahold Delhaize, the Dutch supermarket company, was the only IG corporate issuer to price a deal on Tuesday. But unlike the five triple-B rated issuers on Monday, the food retailer paid a single digit new issue premium.

    • 14 Sep 2017
  • Unilever keeps strong sterling run going

    Anglo-Dutch consumer goods company Unilever printed the fifth sterling corporate bond deal in as many days on Monday. The £500m dual tranche deal offered investors seven and 12 year tenors. Before this deal it had only 2018 and 2022 maturities outstanding in sterling.

    • 14 Sep 2017
  • Should Amazon have made supermarkets cheaper?

    Tech giant Amazon’s acquisition of American supermarket chain Whole Foods has caused much speculation since it was announced in June. Is it death knell for some traditional grocers? Will it revive others which may now be in Amazon’s sights?

    • 14 Sep 2017
  • Renault captures €750m in stop-go week

    On Thursday RCI Banque, the financing arm of Renault, brought the corporate bond deal count to 10 for the week, but was the only benchmark issuer in the market on the day. Danish logistics company DSV debuted in euros with a sub-benchmark deal.

    • 14 Sep 2017
  • NLMK makes smart use of small funding costs

    Russia’s Novolipetsk Steel (NLMK) was making prudent use of lower funding costs on Thursday to buy back its more expensive outstanding dollar debt.

    • 14 Sep 2017
  • Virgin opens sterling ‘deep pockets’ for tap

    UK telecoms group Virgin Media was in the market for a £200m add-on of its 2024 receivable financing notes on Monday. By Wednesday, it had sold £450m of the deal, proving that demand is not restricted to the high yield debt market for euros, where three more deals were under way.

    • 14 Sep 2017
  • KNOC's Canadian arm seeks $285m

    Harvest Operations Corp, a Canadian oil and gas company, began marketing a dollar bullet on Thursday that is backed by its parent, Korea National Oil Corp (KNOC).

    • 14 Sep 2017
  • Jackpot! Wynn Macau wins $1.35bn from bonds

    Wynn Macau raised $1.35bn from the bond market on Wednesday, finding support from both Asian and US investors thanks to a turnaround story in the Macau gaming industry and the issuer’s improved financials.

    • 14 Sep 2017
  • CSI lands easy $200m from senior perp

    CSI Properties printed a $200m bond on Wednesday for refinancing purposes. The leads were not short on comparables given that several of the issuer’s developer peers have sealed similar transactions so far in 2017.

    • 14 Sep 2017
  • Red Star Macalline releases guidance for dollar debut

    Chinese retailer Red Star Macalline Group Corp launched its dollar debut on Thursday, about five months after mandating banks for the deal.

    • 14 Sep 2017
  • Tobam hires ex-State Street adviser as head of trading

    Tobam, the Paris-based asset manager, has appointed Frédéric Jamet as head of trading and co-head of research. He had been an investment adviser at State Street for 11 years.

    • 13 Sep 2017
  • Suez opens 15 year flow

    Since the market returned from its summer break, no corporate bond issuer had printed a new deal with a tenor longer than 12 years. However, that changed on Wednesday when French water and waste company, Suez Environnement pushed through to 15 years with a €500m trade.

    • 13 Sep 2017
  • Anglo celebrates return to IG with four tenders and a new eight year

    The UK-based global mining company Anglo American recently returned to investment grade after over 18 months with a junk bond rating. On Wednesday it announced it would tender for four of its shorter dated bonds and priced a new eight year benchmark deal.

    • 13 Sep 2017
  • Buying frenzy as Coca-Cola Icecek lands super tight trade

    If there was any doubt that EM investors have plenty of cash to put to work, Turkey’s Coca-Cola Icecek (CCI) laid it to rest this week with a $500m deal that tightened 40bp from price talk and then rallied 20bp in the secondary market.

    • 13 Sep 2017
  • Investors see little wrong with corporate bond market, ready for more

    Wednesday morning brought three new corporate bond deals, to add to the six already priced this week. Investors are being offered a diverse group of credits, and their appetite has yet to be sated.

    • 13 Sep 2017
  • Sino-Ocean entices investors with hybrid deal

    Sino-Ocean Group Holdings leveraged on its stronger sales performance and credit metrics to storm into the debt market on Tuesday, showing that it has put a short but tumultuous period behind it.

    • 13 Sep 2017
  • CSI Properties, CNLP hit up dollar investors

    CSI Properties and China Logistics Property (CNLP) are in the thick of the dollar debt market this week, with the former gauging interest for a perpetual deal, and the latter boosting its coffers with a tap.

    • 13 Sep 2017
  • Wynn Macau rolls out new dual-trancher

    Wynn Macau, a unit of casino giant Wynn Resorts, announced a two-tranche bond on Wednesday, part of a $1.35bn outing to redeem its outstanding 2021s.

    • 13 Sep 2017
  • China's Red Star Macalline markets international debut

    Red Star Macalline Group Corp, a furniture retailer plus shopping mall owner, is ready to start roadshows for its international bond debut, after initially mandating banks back in April.

    • 13 Sep 2017
  • Softbank ‘fascinates’ HY market with €4.75bn bond splurge

    Japanese telecoms company SoftBank has done it again. On Tuesday, it replicated its 2015 success of a €4.5bn bond issued outside of the US high yield market with a new €4.75bn issue.

    • 12 Sep 2017
  • Nordic SSAs prepare green impact guide

    A group of Nordic public sector issuers are preparing a “practical guide on impact reporting” in the green bond market. While the initial aim is to assist Nordic borrowers in the public and private spheres, the authors hope that it could prove useful for issuers from other countries too.

    • 12 Sep 2017
  • Moody’s brings former Fitch senior director for new US role

    Moody’s Investors Service has appointed Vishal Damani as head of US intermediaries in its relationship management team, a newly created position. Damani had a similar role at Fitch Ratings.

    • 12 Sep 2017
  • Kaufland devours €900m as SSD nears €100bn

    Kaufland, the German supermarket chain owned by Schwarz Gruppe, tripled its Schuldschein to over €900m, as the firm joins the ranks of German blue chips pushing the Schuldschein market's size to €100bn.

    • 12 Sep 2017
  • Ahold shops for seven year after the rush

    Monday saw five new corporate bond issues in Europe, but Ahold Delhaize was the only issuer to price a deal on Tuesday. Unlike the triple-B rated issuers on Monday however, the Dutch food retailer paid a single digit new issue premium.

    • 12 Sep 2017
  • Parched investors rush for Coca-Cola's Turkish bottling firm

    Coca-Cola Icecek is refreshing the buyside with the first Turkish corporate trade for 18 months. However, while the deal was “flying out of the door” according to one syndicate banker, the 25bp-30bp pick up over the Turkish sovereign is not quite enough to quench the thirst of some.

    • 12 Sep 2017
  • ABC International out for funds, BJ Infrastructure mandates

    ABC International Holdings is back in the offshore bond market, opening books for a senior unsecured fixed rate dollar trade on Tuesday. Separately, Beijing Infrastructure Investment Co is set to end its two-year absence from the international market.

    • 12 Sep 2017
  • Sino-Ocean serves up subordinated dollar perp

    Sino-Ocean Group Holdings began marketing a new subordinated deal on Tuesday morning, returning to the dollar bond market after a gap of more than two years.

    • 12 Sep 2017
  • US insurers, cities well placed to cope with Irma and Harvey — moms and pops less so

    Financial markets in the US reacted with relief today, as the devastation wrought in Florida by Hurricane Irma may be less bad than feared a few days ago. Most large US institutions affected ought to be financially strong enough to withstand the losses — but there could be heavy economic damage for people and businesses not covered by insurance.

    • 11 Sep 2017
  • Moy Park acquisition to spark £560m issue

    US chicken processor Pilgrim’s Pride Corp plans to fund its £1bn buyout of UK peer Moy Park with cash in hand, an extension of its term loans, and a new debt issue to repay a JBS subordinated note.

    • 11 Sep 2017
  • Unilever keeps sterling run going

    Anglo-Dutch consumer goods company Unilever printed the fifth sterling corporate bond deal in three days on Monday. The £500m dual tranche deal offered investors seven and 12 year tenors.

    • 11 Sep 2017
  • Asahi gets the fourth round in as triple-Bs pay up

    On Monday, Japanese brewer Asahi Group brought the fourth European bond issue by a beer producer in Europe in 2017. The €1.2bn dual tranche offering was the largest of four new issues in the euro corporate bond market, all of which were rated triple-B and paid double digit new issue premiums.

    • 11 Sep 2017
  • Seven more join booming HY primary as funds fall

    A full €2.3bn of bond offerings from seven borrowers hit screens on Monday in the European high yield bond market, following last week's more than €3bn of new bonds despite fund inflows turning negative.

    • 11 Sep 2017
  • Lewin and Köb change jobs at Zurich Insurance

    Zurich Insurance Group is reshuffling two of its most senior responsible investment officials, who are moving to new roles.

    • 11 Sep 2017
  • KazTransGas lines up debut after ratings boost

    KazTransGas, the largest gas supply company in Kazakhstan, has picked banks for a debut 10 year dollar benchmark after Standard & Poor’s revised the country’s outlook to stable on Friday.

    • 11 Sep 2017
  • Millicom returns with 10 year to fund buy-back

    Millicom International Cellular has added to a growing corporate bond pipeline this week with a 10 year non-call five note, which will be combined with a buy-back.

    • 11 Sep 2017
  • Shorting Australia and securitization for MDBs: ideas from Sustainable Capital Markets Forum

    Two hundred delegates gathered in Amsterdam on Tuesday September 5 for Euromoney Conferences’ fifth Sustainable and Responsible Capital Markets Forum. For the second time, it was organised jointly with GlobalCapital.

    • 11 Sep 2017
  • Wynn Macau bets on investor interest for new bond

    Casino giant Wynn Resorts’ unit Wynn Macau is readying a new dollar bond with an eye to fully redeeming one of its outstanding notes, also announcing a tender offer for the 2021s.

    • 11 Sep 2017
  • Sun Hung Kai ready to boost 2022s with tap

    Hong Kong’s Sun Hung Kai & Co returned to the market on Monday morning, looking to add to its $400m 2022s sold at the end of August.

    • 11 Sep 2017
  • Back for more: BOC Aviation soars for new dual-trancher

    BOC Aviation took off with its first dollar-denominated dual-tranche offering on Monday, marking a rapid return to the international debt market this year.

    • 11 Sep 2017
  • John Deere, Eni and Akelius get that Friday feeling

    Euro corporate bond issuance returned on Friday after a blank day due to Thursday’s European Central Bank meeting. As the ECB’s president, Mario Draghi, said nothing to unsettle markets, US machinery maker John Deere and Italian oil and gas company Eni both priced deals in euros before the weekend, while Sweden's Akelius Property did the same in sterling.

    • 08 Sep 2017
  • Capital markets head leaves NatWest

    The global head of debt capital markets at NatWest Markets has decided to leave the bank after nearly 20 years.

    • 08 Sep 2017
  • Sherwin-Williams brings US issuers back to Schuldschein

    Sherwin-Williams, the US paint and coatings maker, has issued its debut Schuldschein for €245m. It is the first US company to come to the market this year.

    • 08 Sep 2017
  • SoftBank to tap bustling European HY for jumbo refi

    SoftBank, the Japanese telecoms and technology group, received the highest speculative grade ratings for its potential new bond deal on Friday. It will aim at repeating its notable success in the European high yield market in 2015

    • 08 Sep 2017
  • Weichai Power charges up with $775m bond

    Chinese state-owned Weichai Power Co priced a $775m senior perpetual bond on Thursday, enjoying a quiet day of issuance to bag a deal inside analysts’ fair value estimates.

    • 08 Sep 2017
  • China's Jutal eyes short-dated dollar debut

    Short dated bonds appear to be making a comeback, with Jutal Offshore Oil Services receiving approval from its board for a 364 day dollar-denominated note.

    • 08 Sep 2017
  • Iberdrola EUR750m 1.25% Sept 2027

    • 07 Sep 2017
  • Total GBP250m 1.25% Sept 2024

    • 07 Sep 2017
  • Telefonica EUR1.25bn 1.715% Jan 2028

    • 07 Sep 2017
  • Schuldschein market blazes on despite earlier credit blows

    The Schuldschein market is booming, despite the credit setbacks it has suffered this year from struggling borrowers.

    • 07 Sep 2017
  • Six part Discovery series is hit with $28bn demand

    The dollar high grade bond market returned to barnstorming form this week following the summer break with a Who’s Who of corporate America tapping the market.

    • 07 Sep 2017
  • British Land first of two returning UK REITS

    As the European Central Bank meeting suspended euro issuance on Thursday, British Land took the opportunity to grab UK investors’ attention with its first senior bond for 11 years. The £300m 12 year deal followed Tuesday’s £250m seven year transaction from Total, which had an order book of around £600m.

    • 07 Sep 2017
  • GSK finds healthy take up for triple

    On Tuesday, pharmaceutical firm GlaxoSmithKline returned to the corporate bond market for the first time since November 2014, and its rarity value contributed to combined order books of over €5.5bn for the triple tranche deal.

    • 07 Sep 2017
  • Capital Stage gets cheap equity with first CB

    Capital Stage, the German renewable energy company, launched its first convertible bond on Wednesday, raising €97.3m. The deal came from a different corner of the CB world from the Qiagen transaction on the same day: it was a hybrid deal, structured to receive equity credit under IFRS.

    • 07 Sep 2017
  • Icade debuts in green bond market on quiet Monday

    French property company Icade printed its first green bond on Monday, on a day when no other corporates ventured into the bond market. Having the full attention of investors allowed the issuer to increase the deal to €600m and price 20bp tighter than initial price thoughts.

    • 07 Sep 2017
  • HY gulps first autumn Reverse Yankees

    The European high yield bond market returned from its summer break to €3bn of new bond offerings this week, including notes from Delaware’s Kronos International and California’s Equinix.

    • 07 Sep 2017
  • Daimler accelerates reverse enquiry

    On Tuesday, German car manufacturer Daimler converted a couple of reverse enquiries into an order book of around €600m, as investors showed renewed appetite for short dated fixed rate corporate bonds.

    • 07 Sep 2017
  • Telefónica dials single digit premium for €3bn of 10 year orders

    Telefónica printed the largest single tranche of the day on Tuesday, with a €1.25bn deal with a January 2028 maturity. Despite competing with three other corporate bond deals in the euro market, the deal built a €3bn order book and was printed with a single digit new issue premium.

    • 07 Sep 2017
  • Qiagen accelerates to bring rare call spread CB before deal rush

    September’s expected busy calendar of equity-linked issues in Europe made further progress this week, when Qiagen and Capital Stage sold unusually structured bonds, both of which achieved strong books and priced within their ranges — with no sign of market congestion yet.

    • 07 Sep 2017
  • HY record year ahoy, but terms weaker

    The European high yield bond market has suffered two years of falling primary issuance but a busy September will provide the impetus for a return to growth. However, there are also concerns about weakening investor protection.

    • 07 Sep 2017
  • Iberdrola starts to feel the benefit of an outstanding green curve

    On Wednesday, Spanish electricity utility Iberdrola became the third corporate issuer in a week to print a green bond in euros. The €750m 10 year deal took the total corporate green bonds issued since the summer break to €1.95bn.

    • 07 Sep 2017
  • Does sophistication bring benefits?

    It is not unusual to hear DCM bankers on sterling deals talk about the sophisticated nature of the investor base. Issuers on roadshows also often say they feel they have the best dialogues with UK-based investors, who have often done their credit work before meetings and want to discuss details in more depth than the usual page turning of an investor presentation deck.

    • 07 Sep 2017
  • Total triumphs with new pricing tactics

    The marketing of French oil company Total’s £250m seven year bond issue on Tuesday was the second attempt in recent months to reconfigure the way investors are sold bond deals. The first attempt by Vodafone, in July, struggled to gain support euro investors. However, the response to the Total deal suggests that approach could be replicated, at least in sterling. Nigel Owen reports.

    • 07 Sep 2017
  • HY welcomes Cortefiel €600m bond debut after turnaround

    Spanish clothing retailer Cortefiel priced its leveraged buyout bond on Thursday, in a sign that the high yield market is open for challenging credits.

    • 07 Sep 2017
  • Southeast Asia bond supply set to slow down

    Southeast Asian companies have pulled off a dramatic increase in dollar bond issuance this year. But with Indonesia still representing the bulk of deals from the region, bankers are bracing themselves for a slow down as the end of the year approaches. Addison Gong reports.

    • 07 Sep 2017
  • British Land returns after a decade as Draghi silences euro corporate issuance

    As expected, no euro issuers were tempted to compete with the European Central Bank meeting on Thursday, however British Land took the opportunity to bring its first senior bond since 2006.

    • 07 Sep 2017
  • Sinopec returns with another giant bond

    China Petrochemical Corp (Sinopec) sealed its second benchmark transaction of the year, a four tranche $3.25bn deal, just five months after the state-owned company took home $3.4bn from a similar transaction.

    • 07 Sep 2017
  • China Aoyuan rides on strong growth with 10x covered deal

    China Aoyuan Property Group took advantage of an improvement in its credit metrics and a recent ratings upgrade to return to the debt market for the second time this year, netting its targeted $250m in the process.

    • 07 Sep 2017
  • Unrated Lai Sun builds $400m bond in busy market

    Lai Sun Development Company beat competition on Wednesday to nab $400m from a bond, managing to price inside the levels achieved by other unrated Hong Kong names recently.

    • 07 Sep 2017
  • HK’s Hutchison Port cements credentials with new bond

    Hutchison Port Holdings Trust (HPHT) sailed away with $500m on the back of a $3bn order book on Wednesday, proving yet again its strong credentials and reputation in the debt market.

    • 07 Sep 2017
  • Ayala makes triumphant market return

    Investors embraced Philippine company Ayala Corp’s return to the dollar market after more than a decade away, funnelling $2.5bn into a $400m fixed for life deal that attracted attention for its rarity value.

    • 07 Sep 2017
  • Weichai Power fires up new dollar perpetual

    Shandong-based Weichai Power Co became the sole G3 bond issuer to hit the debt market on Thursday, marketing a senior dollar perpetual deal to help repay acquisition-related loans.

    • 07 Sep 2017
  • Syngenta unveils first dollar bond since ChemChina takeover

    Seed company Syngenta has mandated banks for a global dollar transaction, its first foray into the market since China National Chemical Corp (ChemChina) completed its acquisition of the company this summer.

    • 07 Sep 2017
  • Conning boosts structured and corporate credit teams

    Insurance company asset manager Conning has hired a new managing director in its structured product team, as well as promoting a new managing director in corporate credit research.

    • 06 Sep 2017
  • Qiagen and Capital Stage sell unusual CBs

    The pattern of equity-linked issues coming in pairs continued on Wednesday, when Qiagen and Capital Stage successfully sold bonds. Both transactions were unusual, though in contrasting ways.

    • 06 Sep 2017
  • Levfin strategist Melentyev leaves Deutsche for BAML

    Oleg Melentyev has joined Bank of America Merrill Lynch as head of leveraged finance strategy in New York, after four years in the same position at Deutsche Bank.

    • 06 Sep 2017
  • Deal sizes remain cautious but tenors start to lengthen again

    Bouyed by the success of the four deals that priced on Tuesday, three issuers launched deals in the corporate bond market on Wednesday. While deal sizes remain at the smaller end of what is considered a benchmark, longer tenors from triple-B rated corporates are offering investors more yield.

    • 06 Sep 2017
  • Iberdrola taps into strong green bond bid

    On Wednesday, Spanish electricity utility Iberdrola became the third corporate issuer in a week to print a green bond in euros. The €750m 10 year deal took the total corporate green bonds issued since the summer break to €1.95bn.

    • 06 Sep 2017
  • GlobalCapital Sustainable and Responsible Capital Markets Awards 2017: the Winners

    France, Tennet, NWB and Berlin Hyp are among the green and social bond issuers acclaimed in GlobalCapital's Sustainable and Responsible Capital Markets Awards 2017, which were announced on Tuesday in Amsterdam.

    • 06 Sep 2017
  • Sterling investors respond positively to change in process

    Tuesday’s £250m seven year bond issue from French oil company Total looked like a straightforward small benchmark sterling deal for a regular issuer. However, the marketing process for the deal marked a change from the normal approach and it is something investors are keen to see more of.

    • 06 Sep 2017
  • Ayala set to break 14-year dollar bond hiatus

    Philippine conglomerate Ayala Corp is set for a dollar bond comeback as it markets a fixed-for-life deal, bringing to an end a 14-year absence from the international debt market.

    • 06 Sep 2017
  • Sinopec hits market with year’s second outing

    China Petrochemical Corp (Sinopec) is making a rapid comeback to the dollar bond market. It announced a triple-tranche transaction on Wednesday, just five months after nabbing an impressive $3.4bn from investors.

    • 06 Sep 2017
  • China Aoyuan, Lai Sun seek post-summer deals

    Action in Asia ex-Japan’s offshore bond market picked up on Wednesday, with property developers from Greater China announcing new transactions.

    • 06 Sep 2017
  • Hutchison Port looks to dock second dollar deal

    CK Hutchison Holdings’ subsidiary Hutchison Port Holdings Trust hit the dollar market on Wednesday morning, looking for its first international bond since its debut more than two years ago.

    • 06 Sep 2017
  • Investors divided as two more join HY spree

    Two more borrowers added on Tuesday to the almost €3bn of new high yield bonds already being marketed in Europe this week. But just as the market is set to surpass last year's volumes, investors have started to voice concern over low coupon levels.

    • 05 Sep 2017
  • Issuers say go after no-go in Korea

    Monday’s combination of heightened worries over North Korea and the Labor Day holiday in the US saw only one new issue in the European corporate bond market. However, with no new developments from the Korean peninsula overnight, five issuers decided to push ahead with trades on Tuesday.

    • 05 Sep 2017
  • Telefonica calls the right number for €1.25bn 10 year

    On Tuesday, Telefonica printed the largest single tranche of the day, with a €1.25bn deal with a January 2028 maturity. Despite competing with three other corporate bond deals in the euro market, the deal built a €3bn order book and printed with a single digit new issue premium.

    • 05 Sep 2017
  • Dose of GlaxoSmithKline leaves investors feeling better after ratings boost

    On Tuesday, pharmaceutical firm GlaxoSmithKline returned to the corporate bond market for the first time since November 2014, and its rarity value contributed to combined order books of over €5.5bn for the triple tranche deal.

    • 05 Sep 2017
  • Corp trio hits the road as EM primary heats up

    The dry spell is over for investors in emerging market debt with several mandates hitting the screens on Tuesday. The first trades will be eagerly watched as a barometer for new issue premiums after a summer that has seen escalating geopolitical tensions and further questions about the direction of travel of both the European Central Bank and the US Federal Reserve.

    • 05 Sep 2017
  • Kronos feeds HY with first Reverse Yankee of autumn

    The European high yield bond market returned from its summer break to €2.8bn of new bond offerings this week, including a sub-benchmark sized note from Delaware’s Kronos International on Monday.

    • 04 Sep 2017
  • Icade has market to itself for green bond debut

    French property company Icade printed its first green bond on Monday, but no other corporates ventured into the market. Having the full attention of investors allowed the issuer to increase the deal by €100m and price it 20bp tighter than initial price thoughts.

    • 04 Sep 2017
  • EA Partners deals lift off once more

    The two structured bonds issued by EA Partners that have suffered in secondary markets as a result of the the collapse of Air Berlin have recovered three cash points after the borrower issued a statement to say it anticipated that the next coupon payments will be made.

    • 04 Sep 2017
  • Indonesia's Spindo ready for dollar market plunge

    Steel Pipe Industry of Indonesia (Spindo) is courting investors in Asia and Europe this week, in pursuit of its first international dollar bond.

    • 04 Sep 2017
  • Rusal's Panda bond ends market siesta

    Russian aluminium producer Rusal priced its second Panda bond of the year on September 1, reopening the market after a quiet month.

    • 04 Sep 2017
  • Weichai Power gears up for senior guaranteed perp

    Weichai Power Co will sell senior dollar perpetual bonds worth no more than the equivalent of €650m ($772m) to help pay off some bank loans taken for the acquisition of shares in Kion Group.

    • 04 Sep 2017
  • India's HT Global makes comeback for dollar tap

    India’s HT Global IT Solutions Holdings is returning to the dollar market for a tap of its debut notes sold last summer.

    • 04 Sep 2017
  • HY starts September in style with Cortefiel debut

    A €600m two tranche bond issue to finance the Spanish retailer Cortefiel’s LBO will be the euro high yield market’s starting shot for the second half of the year.

    • 01 Sep 2017

All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 130,469.93 567 7.21%
2 Bank of America Merrill Lynch 117,747.75 535 6.51%
3 Citi 103,173.07 535 5.70%
4 Goldman Sachs 85,407.58 350 4.72%
5 Barclays 80,829.81 352 4.47%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 BNP Paribas 22,478.98 101 8.71%
2 Barclays 19,796.44 75 7.67%
3 Deutsche Bank 17,616.63 72 6.83%
4 HSBC 15,843.10 70 6.14%
5 SG Corporate & Investment Banking 14,434.81 77 5.60%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 5,335.13 43 7.91%
2 Goldman Sachs 4,721.48 37 7.00%
3 Deutsche Bank 4,563.62 43 6.77%
4 Credit Suisse 4,353.57 48 6.46%
5 Barclays 4,075.90 34 6.05%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 27,103.08 212 10.83%
2 Citi 21,001.57 166 8.39%
3 Bank of America Merrill Lynch 20,920.58 185 8.36%
4 Goldman Sachs 18,379.20 132 7.34%
5 Morgan Stanley 17,410.41 103 6.96%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Deutsche Bank 22,857.42 74 6.70%
2 HSBC 22,396.75 99 6.56%
3 Barclays 21,691.19 94 6.36%
4 BNP Paribas 21,322.17 102 6.25%
5 Citi 19,362.38 80 5.68%