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EU eyes separate gas law, leaves harmful bioenergy in Taxonomy

SRI / Green Bonds

EU eyes separate gas law, leaves harmful bioenergy in Taxonomy

The European Commission is set to put forward a new solution to the intense battle over the EU's sustainable finance Taxonomy, between green finance supporters and EU member states that want to safeguard their plans to use gas, GlobalCapital has learned. This would appear to involve leaving gas out of the Taxonomy, as environmentalists have demanded, and making a "separate legislative proposal" to deal with gas and nuclear power.

  • Pfleiderer sucks up docs change for better pricing

    Pfleiderer sucks up docs change for better pricing

    Pfleiderer and its owner, Strategic Value Partners, have minor changes during syndication to the deal docs in its dual-tranche sustainability-linked high yield bond, limiting the group’s flexibility to pay out sale proceeds from its Polish division as a dividend. But the company has succeeded in pushing pricing tight, with the fixed rate bonds set to land at 4.75% area and the floater at 475bp.

  • GlobalCapital Bond Awards: voting extended

    GlobalCapital Bond Awards: voting extended

    GlobalCapital is conducting its annual poll to determine its Bond Awards 2021. The voting deadline has been extended until April 22, so we invite readers who have not voted yet to do so in the coming week.

  • Surrey Univ follows King’s into US PPs

    Surrey Univ follows King’s into US PPs

    The University of Surrey has issued a US private placement, according to market sources, less than a month after King’s College, London returned to the market. Institutional investors are regaining confidence in the UK’s higher education sector, after a year in which revenues shrank and student intake became uncertain.

  • Lloyds picks resources banker to lead ESG team

    Lloyds picks resources banker to lead ESG team

    Lloyds Bank has appointed a senior banker to lead a new 16 strong team structuring environmental, social and governance products and services for companies in the UK, and plans to hire further staff externally.

  • Hanwha Solutions sells Rmb1bn green dim sum

    Hanwha Solutions sells Rmb1bn green dim sum

    South Korean issuer Hanwha Solutions Corp debuted in offshore renminbi (CNH) on Tuesday, pricing a Rmb1bn ($153m) green bond that benefitted from a guarantee from the Asian Development Bank’s Credit Guarantee and Investment Facility.

  • Showing ESG rankings everywhere is good biz

    Showing ESG rankings everywhere is good biz

    ESG ratings are starting to appear in term sheets for high grade corporate bond issuers, regardless of whether or not the deal is a themed issuance. This is a sensible move and ought to have a positive impact on the curve for the issuer.

Corporate Bonds News Archive

  • Eurogrid glides through bond market

    Eurogrid glides through bond market

    Eurogrid, the German power network company, made light work of a bond market outing on Tuesday, obtaining more than five times oversubscription for a €500m issue in a market subdued by the looming earnings season.

  • Dufry joins primary rush with comeback bond

    Dufry joins primary rush with comeback bond

    Duty-free operator Dufry has joined the throng of issuers in the high yield primary markets with its first straight offering since the coronavirus pandemic hit. The new bond comes after extensive efforts to shore up the company’s capital, including the early conversion of a crisis era convert and talks with lenders for more covenant waivers.

  • Sovereigns fight the fluff as FIG joins PMM

    Sovereigns fight the fluff as FIG joins PMM

    An unforeseen sell-off in government bonds on April 9 left many market participants scratching their heads as to why it happened, but the primary market has showed no apprehension in the week leading up to it or since. In fact, April's first week saw the highest average subscription ratios since January 2019. And this week, Primary Market Monitor brings you data from the FIG bond market for the first time.

  • Kia revs up green investors with debut bond

    Kia revs up green investors with debut bond

    South Korean auto company Kia Corp made its green bond debut on Monday with its first dollar deal since 2017, pricing both tranches at tight levels due to strong support from ESG-focused investors.

  • MCC overcomes market volatility for perp return

    MCC overcomes market volatility for perp return

    Metallurgical Corporation of China navigated tricky bond market conditions to raise $500m on Monday at a negative new issue premium, thanks to its standing among investors and the scarcity of state-owned perpetual deals.

  • ESG ratings importance growing as IG corporates line up

    ESG ratings importance growing as IG corporates line up

    A slew of mandates hit Europe’s high grade corporate bond market on Monday, with issuers increasingly adding their ESG ratings to investor communications that cover their whole enterprise, even if the deal being marketed is not a designated socially responsible investment.

  • ‘Cascade of deals’ floods into levfin primary market

    ‘Cascade of deals’ floods into levfin primary market

    With holidays and earning out of the way and markets wide open, four new high yield bonds and two big term loans hit the market on Monday, constituting more than $11bn of internationally-targeted supply in total, with more than €4.5bn of euros in the mix.

  • Pertamina plans green bond sale

    Pertamina plans green bond sale

    Indonesia's Pertamina is planning to sell a green bond before the end of 2022, as the oil and natural gas company plots a gradual transition of its core business.

  • Deutsche Telekom dials down under

    Deutsche Telekom dials down under

    Deutsche Telekom dialled in to the Aussie dollar market after an almost two year absence this week, extending its curve to 2041.

  • IMF ramps up focus on climate, launches innovative database

    IMF ramps up focus on climate, launches innovative database

    Climate change will become much more prevalent in the International Monetary Fund’s work this year, including its assessments of countries’ financial stability, after sustained complaints that it has not paid enough attention to global warming. Ways to link debt relief to climate action will take longer to implement.

  • Hardware store Obi launches Schuldschein

    Hardware store Obi launches Schuldschein

    Obi, the German DIY store, has launched a Schuldschen across three, five and seven years, according to market sources. The spread differential between three and five years is steeper-than-usual, to coax investors further along the maturity curve.

  • Kores drills into dollar market

    Kores drills into dollar market

    Mining company Korea Resources Corp (Kores) courted dollar investors with a five year transaction this week, marking its return to the bond market after a gap of three years.

  • M&A surge cannot slake debt markets’ thirst for deals

    M&A surge cannot slake debt markets’ thirst for deals

    Debt markets are awaiting a wave of mergers and acquisition financings in the second quarter and later this year, as the boom in deals sparked by confidence that the economy is recovering from the coronavirus gathers steam. But the eagerness to lend will create tension between loan and bond markets, and deals are likely to get more challenging later in the year, write Mike Turner and Jon Hay.

  • Gatwick lands bumper demand in senior outing

    Gatwick lands bumper demand in senior outing

    Gatwick Airport got a bulging order book for its return to the senior funding market, weeks after the UK airport got chunky demand for its debut subordinated transaction.

  • Merck spin-off Organon launches $4.5bn bond financing

    Merck spin-off Organon launches $4.5bn bond financing

    Organon, the spin-off from US pharma company Merck, has launched a bond leg of its financing, which will establish the unit as a separate firm with its own capital structure, while funding a $9bn dividend to its former parent. The firm was initially offering $4.5bn-equivalent across secured and unsecured bonds, with a bias to the deeper dollar market, but scaled this up during syndication to allow it to strip out bank debt.

  • KPN bonds widen 80bp on buyout rumour

    KPN bonds widen 80bp on buyout rumour

    KPN, the Dutch telecoms company, saw its bond spreads swing out on Thursday, on renewed reports that private equity firms are lining up to buy the company.

  • TI Fluid adds unsecured HY layer

    TI Fluid adds unsecured HY layer

    TI Fluid Systems, an auto parts company, is marketing its first unsecured debt, a €600m eight year non-call three, which it plans to use to repay part of its secured debt. It has also launched repricing on this loan, looking to cut margins and reset Euribor floors to market standard levels.

  • BNP Paribas bankers in Spain leave for boutique firm

    BNP Paribas bankers in Spain leave for boutique firm

    A group of BNP Paribas bankers in Spain have jumped ship to join boutique firm Beka Finance, according to market sources. One person familiar with the situation said that the French bank will refill these roles in due course.

  • HSBC brings back Horsburgh for UK role

    HSBC brings back Horsburgh for UK role

    HSBC is relocating the regional head of its leveraged and acquisition finance (LAF) business from Hong Kong to London to help implement its UK strategy.

  • Singtel returns to home market with first perp

    Singtel returns to home market with first perp

    Singapore Telecommunications (Singtel) sold a subordinated perpetual bond in the Singapore dollar market this week, marking its return to the currency after more than a decade, as well as its first perp.

  • A-bracket corporates hit Europe’s bond market

    A-bracket corporates hit Europe’s bond market

    Europe’s high grade corporate bond market was populated with well rated issuers on Wednesday, as triple-B borrowers took a cautious approach and stayed away after the Easter weekend.

  • Trump exit unleashes Financial Stability Board to act on climate

    Trump exit unleashes Financial Stability Board to act on climate

    The G20’s Financial Stability Board is cranking up its action on climate change again now that Donald Trump is no longer US president. This will feed the hopes of some sustainable finance supporters who want the FSB to drive progress on issues including environmental accounting.

Corporate Bonds News Archive

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