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Sunday, 19 November 2017

Credit Derivatives

Buehler debuts, Hochdorf eyes hybrid

IFR 2210 18 November to 24 November 2017

Buehler made its bond market debut on Wednesday with a dual-tranche five and nine-year that tested the appetite of Swiss investors for Triple B rated paper.

Astaldi slumps further

IFR 2210 18 November to 24 November 2017

Italian construction firm Astaldi’s €750m 7.125% senior unsecured 2020s plummeted further last week on confirmation of its financial and capital strengthening plans and a writedown of its Venezuelan assets.

PDVSA

Industry panel rules Venezuela in default

16 November 2017

A committee of the International Swaps and Derivatives Association ruled on Thursday that Venezuela and state-owned oil company PDVSA have formally defaulted on their bonds.

Constellium upsizes on equity injection

IFR 2208 4 November to 10 November 2017

Constellium brought its senior unsecured long eight-year non-call three on the back of an equity injection, tightening pricing with an improved credit profile.

Continued squeeze to spur high-grade primary

IFR 2208 4 November to 10 November 2017

Philip Morris jumped in ahead of what is expected to be a busy week in the corporate market with a €1bn dual-tranche seven and 20-year trade last Friday.

Swap spread to stay negative

Swaps notional climbs to US$542trn

02 November 2017

The volume of outstanding over-the-counter derivatives jumped to US$542trn in the first half of the year, driven by increased demand for short-term interest rate contracts as the monetary policy outlook began to turn.