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Thursday, 14 December 2017

Laura Benitez' s stories

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  • Total gas station

    Total prices aggressively

    Ticker | 27 September 2017

    French oil major Total returned to the euro market for the first time in a year on Wednesday, sticking to its usual aggressive pricing strategy and taking advantage of being a Single A rated credit amid red-hot market conditions.

  • Investors keep corporates in vogue

    Ticker | 26 September 2017

    Supportive credit spreads and seemingly insatiable investor demand have continued to lure corporates into the capital markets well into the close of September.

  • Icade logo

    Icade reaps rewards for flying solo

    Ticker | 04 September 2017

    Real estate company Icade commanded investors’ full attention and braved the market solo with a Green bond on Monday, a decision that paid off after it attracted around €2bn of demand.

  • Kempen launches Double B fund

    People & Markets | 01 September 2017

    Kempen Capital Management has launched a euro high-yield fund targeting the Double B segment of the market.

  • Corporate market reloads for September bonanza

    Bonds | 01 September 2017

    After reloading early from the summer break last week, corporate syndicate desks are gearing up for a bumper second half, with borrowers from all corners of the globe desperate to lock in Europe’s ultra-low funding costs.

  • Corporates continue relentless assault

    Ticker | 31 August 2017

    Nine borrowers made it the European corporate bond market’s busiest day ever on Tuesday, taking advantage of ultra-low funding costs and jumping in before an expected surge of new deals in September.

  • Kempen launches Double B fund

    Ticker | 30 August 2017

    Kempen Capital Management has launched a euro high-yield fund targeting the Double B segment of the market.

  • Corporates go gangbusters

    Ticker | 30 August 2017

    Corporate borrowers fired into action on Wednesday, keen to get in ahead of a blowout month while capitalising on a favourable secondary market, following Tuesday’s geopolitical tensions.

  • Corporates wake from summer slumber

    Ticker | 29 August 2017

    Corporate syndicate teams in Europe were firing on all cylinders on Tuesday, announcing a string of fresh mandates, although geopolitical tension caused by North Korea staved off intraday execution plans.

  • Steinhoff bondholders stung by fraud probe

    Bonds | 25 August 2017

    Steinhoff’s bonds capitulated last week after reports that the CEO of the South African retailer is being investigated for possible accounting fraud.

  • Steinhoff bondholders stung by fraud probe

    Ticker | 24 August 2017

    Steinhoff’s bonds capitulated in the secondary market on Thursday on reports that the South African retailer’s CEO is being investigated for possible accounting fraud.

  • MOVES-MUFG hires Jeff Bennett for LevFin origination

    Ticker | 24 August 2017

    MUFG has hired Jeff Bennett as head of leveraged corporate origination and structuring to expand the bank’s leveraged business in Europe, the Middle East and Africa.

  • NewDay logo

    NewDay bonds take a hit from Provident turmoil

    Ticker | 22 August 2017

    Credit card company NewDay’s bonds took a hit on Tuesday on the back of fresh sector turmoil sparked by Provident Financial’s hard-hitting profit warnings.

  • LafargeHolcim logo

    LafargeHolcim breaks Europe's corporate bond summer lull

    Ticker | 22 August 2017

    Swiss-French cement group LafargeHolcim capitalised on being the first out of the blocks after nearly a two-week hiatus in corporate issuance on Tuesday, raising €750m with barely any premium on Tuesday.

  • Banks pitch high equity hybrids

    Bonds | 18 August 2017

    Banks are gauging investor interest for corporate hybrid bonds with high equity content, a product feasible for the first time in years as a strong backdrop allows issuers to push market boundaries.

  • British American Tobacco Cigarette Factory (BAT) in Bayreuth

    BAT mega M&A issue fails to ignite

    Top News | 11 August 2017

    British American Tobacco sold one of the biggest M&A bond issues of 2017 last week with a more than US$20bn-equivalent debt offering to help finance its purchase of Reynolds American.

  • ecb mario draghi

    Draghi brings back the lust for returns - BAML

    Ticker | 10 August 2017

    Considerable inflows into European credit is proof that the ECB’s CSPP is working and that the “lust for returns” is alive and kicking, Bank of America Merrill Lynch analysts said in a note published on Thursday.

  • MOVES-Tom Bolton leaves BNP Paribas for Thames Water

    Ticker | 10 August 2017

    Tom Bolton has left the Northern Europe investment-grade debt capital markets team at BNP Paribas and will soon be appointed group treasurer at Thames Water, according multiple sources.

  • Reynolds American's Camel cigarettes are stacked on a shelf inside a tobacco store in New York

    BAT drags pricing in but demand fails to ignite

    Ticker | 09 August 2017

    BAT hit the European market with its eagerly awaited dual-currency bond on Wednesday but offered investors little pick-up in spread despite the lacklustre demand.

  • Citi warns of ‘misleading’ comparisons to 2007 credit spreads

    Ticker | 07 August 2017

    Investment-grade corporate spreads are poised to hit the all-time tights of 2007, benefiting from the continued support of the ECB. But index rating quality is not the same as in 2007, and any comparisons are misleading, Citigroup analysts said in a note.

  • BAT to face further scrutiny for jumbo M&A bond sale

    Bonds | 04 August 2017

    Investors will try to exert pricing pressure on British American Tobacco this week when it seeks to raise an expected US$25bn-equivalent of bonds in the US and European markets in the middle of corruption probes and tobacco sector turmoil.

  • British American Tobacco Cigarette Factory (BAT) in Bayreuth

    BAT to face further scrutiny for jumbo M&A bond sale

    Ticker | 04 August 2017

    Investors will try to exert pricing pressure on British American Tobacco next week when it seeks to raise an expected US$25bn-equivalent of bonds in the US and European markets in the middle of corruption probes and tobacco sector turmoil.

  • ECB Exit

    Fitch expects ECB to phase out QE by mid-2018

    Ticker | 02 August 2017

    Fitch expects the ECB to phase out its QE programme by mid-2018 and embark on a modest rate adjustment in 2019, potentially impacting corporates’ ability to service their debt.

  • British American Tobacco Cigarette Factory (BAT) in Bayreuth

    BAT delivered fresh blow to scupper bond plans

    Ticker | 01 August 2017

    British American Tobacco’s plans for a jumbo multi-currency debt sale, expected this week, have likely been scuppered after the company suffered a fresh blow of corruption allegations on Tuesday.

  • Limacorporate keeps European HY primary alive

    Ticker | 31 July 2017

    There’s no rest for the wicked in this week’s high-yield market, with another borrower looking to raise financing in the narrowing pre-summer issuance window.

  • Petrobras sets the ball rolling

    Anglian Water takes the plunge with Green bond

    Ticker | 31 July 2017

    Anglian Water is taking the plunge and selling the first ever sterling Green bond from the utilities space on Monday, a result that is expected to unleash more funding from the sector.

  • Ericsson junked again on poor earnings

    Bonds | 28 July 2017

    S&P downgraded Ericsson to junk territory on Monday on the back of poor earnings and a challenged outlook, but its bonds bounced back by midweek to recover most of their earlier losses.

  • Pedemontana stalls as investors remain cautious

    Bonds | 28 July 2017

    Italian toll road operator Superstrada Pedemontana Veneta is yet to surface in the market, having wrapped up its roadshow, where investors expressed caution over the complex nature of the proposed deal.

  • SNAM logo

    Snam follows Vodafone in quick-fire pricing method

    Ticker | 27 July 2017

    Italian gas infrastructure company Snam kept supply ticking over with a €300m seven-year floater, using the same pricing method as Vodafone last week by skipping IPTs.

  • A C-class by Daimler AG

    Daimler adds new volatility to auto sector

    Ticker | 26 July 2017

    Daimler’s earning were in the spotlight on Wednesday as the German carmaker faces an investigation by the European Union for anti-competitive behaviour.

  • Investors whip Diversey into shape

    Ticker | 25 July 2017

    Diversey has set price talk for its €450m 8NC3 unsecured notes at 5.75% area, having yielded to investor wishes on Friday and dropped a controversial covenant loophole that rubbed them up the wrong way.

  • Investors can’t get enough of Grand City

    Ticker | 25 July 2017

    Investors on Tuesday demonstrated they are far from sick of Triple B rated paper from property companies and piled into an expected €500m nine-year bond from Grand City Properties (Baa2/BBB+).

  • Ericsson

    Ericsson bonds tighten despite downgrade

    Ticker | 25 July 2017

    Ericsson bonds recovered early losses on Tuesday and went on to rally hard despite a downgrade into junk territory by S&P.

  • Investors to eye Allfunds PIK toggle closely

    Ticker | 24 July 2017

    B2B fund distribution platform Allfunds Bank will come under close scrutiny from its own clients this week when it attempts to sell a PIK toggle.

  • Unilever

    Unilever targets zero coupon in triple-tranche foray

    Ticker | 24 July 2017

    Unilever is set to raise €1.9bn via a triple-tranche offering which will include a zero coupon four-year as it capitalises on positive earnings results last week that highlighted its ability to boost returns as an independent firm.

  • The corporate logo of Eversholt Rail Group

    Eversholt tests longer-end demand amid investor unease

    Ticker | 24 July 2017

    UK passenger and freight rolling stock owner Eversholt tested interest for a 25-year secured sterling bond on Monday amid investor caution over the longer-term company risks.

  • Eurofins enjoys unrated demand

    Bonds | 21 July 2017

    Unrated corporate borrowers are capitalising on gung-ho investors, with Eurofins Scientific successfully reviving a deal after its planned euro effort in October fell flat.

  • Corporates front-run ECB as July issuance volumes double

    Ticker | 20 July 2017

    The primary corporate bond market paused on Thursday, with borrowers opting to let the ECB policy meeting unfold before resuming with an unusually busy month for the sector.

  • DS Smith logo from company website

    DS Smith goes both ways

    Ticker | 19 July 2017

    European packaging company DS Smith became the second issuer to hit the capital markets in a bid to wrap up M&A financing this week.

  • Vodafone logos

    Vodafone cuts to the chase

    Ticker | 19 July 2017

    UK telecoms company Vodafone cut to the chase on its latest round of funding on Wednesday, opting to skip IPTs in a typically forthright manner that investors have come to expect from the issuer.

  • Eurofins

    Eurofins revives euros in face of unrated fan base

    Ticker | 18 July 2017

    Capitalising on gung-ho investor attitude to buying unrated paper, Eurofins Scientific today revived a euro deal from October, when a more disciplined approach from the buyside saw it fall flat.

  • Property firms exploit cheap funding

    Bonds | 14 July 2017

    Issuance from property firms surged in the second quarter, as the sector makes a play on Europe’s dirt-cheap funding conditions and investors’ willingness to forego credit protection and sector risk in return for higher yields.

  • London and Quadrant enjoys real estate debt party

    Ticker | 13 July 2017

    London and Quadrant Housing added to the rush of deals from property firms on Thursday, as investors happily shake off sector risks in exchange for yield.

  • Softbank

    SoftBank starts price talk generously for sub perps

    Ticker | 12 July 2017

    Japanese tech giant SoftBank is out with its eagerly-awaited US dollar Reg S subordinated perps, after marketing the deal around Asia and London over the last week.

  • Demire gets in quick ahead of the high-yield onslaught

    Ticker | 12 July 2017

    German real estate firm Demire priced a €270m 5NC2 deal at a price more akin to an investment-grade bond on Wednesday, demonstrating the strength of German real estate credits amid a deluge of deals, some tricky, in the high-yield market.

  • Aroundtown Property Holdings logo

    Aroundtown back again

    Ticker | 12 July 2017

    Aroundtown is poised to sell its 10th public bond, establishing itself as a regular corporate issuer after coming from nowhere just two years ago.

  • More issuers to feed European HY bond machine

    Ticker | 11 July 2017

    Price whispers for this week’s deluge of high-yield deals began to trickle in on Tuesday, with execution on some expected as soon as tomorrow, ahead of what is expected to be a busy month.

  • Different types of chocolates are seen at the Nestle headquarters in Vevey

    Nestle saves multi-billion take-out for another day

    Ticker | 11 July 2017

    Nestle is in the market with a benchmark eight-year euro bond, but investors will have to wait a bit longer before it starts taking out bigger chunks of debt for its high-profile SFr20bn share buyback programme.

  • A Telekom Austria phone booth

    Telekom Austria enjoys solace

    Ticker | 10 July 2017

    Telekom Austria and ALD had the European corporate market to themselves on Monday, in what is expected to be a quieter week for primary issuance as rates chatter sparks nerves.

  • European high-yield market erupts

    Ticker | 10 July 2017

    The European high-yield market exploded into action on Monday, with five issuers announcing deals in a ‘desperate’ last-ditch attempt to raise debt ahead of potential rates volatility and a summer slowdown.

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