Covered bond editor @GlobalCapNews | All views my own 🥚🇨🇦
Articles by Frank Jackman
Books sticky for Bertelsmann euro dual trancher
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Spie refis convertible bond early with conventional SLB
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Danone adds to strong French corporate flow in euros
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Toyota rolls into euros with popular long six year print
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Dreams of an AI slowdown won't keep the bond market safe
Earlier this week, Anthropic chief executive Dario Amodei issued a public call for the pace of artificial intelligence development to be slowed down to allow risk prevention time to catch up. Fellow AI zealots Sam Altman of OpenAI and Elon Musk of Tesla were quick to voice their agreement. On the face of it, it seems these 21st century Robert Oppenheimers have woken up to the fact that their technological breakthroughs could spell the end of humanity.
Saab euro debut leads sub-benchmark mandate flurry
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EDF gets loyal book despite widening of recent hybrids
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Lagardère shows corporate market strength with unrated foray
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Amazon picks sterling for new bond
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Don’t fear attrition, watch the spread
These are strange times in bond markets. The last six months have turned the interest rate cycle — never a very reliable oscillator — on its head. Not everything is President Trump’s fault of course — but this kind of is. Since the US attacked Iran on February 28, 10 year government bond yields have risen 85bp in the US, 73bp in Germany and 100bp in the UK. Yet despite an inflationary, energy-disrupting war with no end in sight, non-government bonds have remained astonishingly healthy.
Kingspan makes second euro visit with €850m green debut
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Koninklijke KPN gets sticky books for hybrid refi
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Eastern Power Networks charges into euros as pipeline fills
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The Middle East and corporate bond pipeline
Middle East borrowers, especially the big sovereigns, have mostly kept away from the public bond market since the US-Iran war began at the end of February. There has been much anticipation that they will return in force in September, when primary bond markets are expected to become much busier. But will they show up? We examine the latest predictions and discuss how the market is changing for these issuers as the war rumbles on.
Deutsche Telekom returns to sterling with long end sale
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All eyes on the hyperscalers
Europe's corporate bond market is fretting over increased bond issuance from hyperscalers in the autumn. These US tech giants, when they come to the market, come big. And with their spreads having widened lately, more storied issuers in the market are worried that it will impact their funding costs too. We examine what could drive such a huge slug of issuance in the next couple of months and whether those tightly priced European companies really have anything to worry about.
Eurogrid powers through summer lull with blowout €500m EuGB
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AT&T dials up two currencies with late July deal
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The bully of the curve
The three month euro/dollar basis swap was traditionally called the bully of the curve because it controlled the rest, but there is no doubt who’s the boss now — dirty old oil. As the US and Iran traded blows, Houthi threats to close the Gulf of Aden made oil traders freak out this week. Their alarm seized bond markets globally, pushing French and German yields to decade highs and Treasuries to an 18 month peak.
Bond market could define AI's winners and losers
There has been no shortage of bond issuance by hyperscalers this year as the big US tech firms have repeatedly hit the bond market in search of funds for their massive artificial intelligence capital expenditure plans. At least once a month since February, investors in a variety of currencies have had the chance to buy a huge deal from the likes of Alphabet, Amazon.com, Meta, Oracle and SpaceX.
Leasys pulls in sticky demand for €750m four year deal
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Strong credit bid could tempt corporates to sterling
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Tennet Germany aims for largest corporate EuGB
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RWE builds sticky book for green dual trancher
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Brewing a bromance between Burnham and bonds
Will Andy Burnham outfox the bond market when he becomes UK prime minister? Click here to listen to the latest episode of the GlobalCapital Podcast. Andy Burnham looks set to become the next UK prime minister, following the resignation of Keir Starmer on Monday. But how will the new man in 10 Downing Street get along with the bond market? One of his predecessors, Liz Truss, managed fixed income relations so badly, it cost her her job and made her term the shortest in the history of the office.
Acea's debut blue bond electrifies euro market
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Hyperscalers all the way down
US computer chip manufacturer Nvidia hit the dollar bond market for $25bn on Tuesday, with a rare foray. Unsurprisingly, the deal — Nvidia’s first since 2021 — flew off the shelves. AI, for the lack of a better phrase, is so hot right now. The last 12 months have been marked by a rampant increase in market funding from the so-called US hyperscalers and their associates.
Lanxess returns to euros with crossover bond
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Snam takes €1.5bn with EuGB and SLB pair
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O jogo bond-ito — in a volatile market, every scrap of attention is precious
American academic Matthew Crawford, writing in the New York Times, stated “attention is a resource; a person has only so much of it.” Bond issuers and debt capital markets bankers know it well. Catching investors' attention with a new issue is paramount — losing it can be fatal. That's why markets all but shut down when investors jet off on holiday over the summer, or turn towards home at Christmas and Thanksgiving.
Hyperscaler hybrids — wait till the cycle turns
Over the last 12 months, the US hyperscale technology companies have borrowed huge sums to finance their gargantuan artificial intelligence capex plans. So far, they have relied mainly on senior bonds, with some also turning to the equity market. The scale of the investment boom inevitably raises the question: could hybrid capital bonds play a part?
Euro covered bond issuers find window for tight deals with slim NIPs
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SSE wraps up hybrid funding plan with popular, tight trade
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MTR branches out into euros with green deal
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Rare corporate bond issuers line up euro market returns
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First ESN arrives at last — regulators should bless it
The first European Secured Note is on its way, after more than a decade of debate. Although it mimics the structure of covered bonds issued by banks, the issuer paving the way is French agency Bpifrance. But despite being designed on the template of covered bonds, the regulatory treatment of ESNs is quite different. The idea grew out of the European Union's Capital Markets Union drive — to create a version of covered bonds to finance assets other than mortgages and loans to public sector entities.
Corporate NIPs grow as investors are spoilt for choice
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Rheinmetall rearms euro bond curve
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