ZF Friedrichshafen is weighing another dollar bond sale to refinance upcoming maturities after the German auto parts supplier – which generates about 25% of revenues stateside – tapped US-based investors, ending a yearslong hiatus.
Conagra in No Rush to Address $500 Million Bond Maturity, CFO Says
Conagra isn’t in a hurry to tap the credit markets, even though it has $500 million in debt coming due in less than four months. Highly rated companies usually try to refinance much earlier than that. Here’s why Conagra is waiting.
Adobe to Tap Debt Markets to Fund Figma-Deal Once It Has DOJ Approval
Adobe plans to tap the bond markets to fund its $20 billion acquisition of Figma and refinance upcoming maturities once it has secured approval from regulators.
Billion-Dollar Deals Emerge as a Fix for Massive Debt Piles
After a decade of gorging on cheap money, indebted companies are looking at selling off chunks of their businesses as they fortify their balance sheets for the new era of higher interest rates.
Corporate Debt Becomes Market of Haves, Have-Nots
Investors are quickly dividing corporate borrowers into haves and have-nots. Companies with investment-grade credit ratings are still finding reasonable access to credit, even if at a higher cost. Those with low ratings, meanwhile, are seeing their debt being shunned.
Executives Yank Money From Banks as Some Deposits Look Riskier
Turmoil in the banking industry is leading finance executives to review their companies’ exposure, open new bank accounts and invest excess funds in money market funds or Treasury bills.
S&P Sees Quick Rebound for Corporate Bond Sales Silenced by SVB
Companies’ hesitancy to tap the bond markets following the collapse of Silicon Valley Bank will likely be short-lived, S&P CFO Ewout Steenbergen tells me for Bloomberg News. “When there’s so much market noise, short term, it will absolutely impact the willingness of issuers to go to the market,” Mr. Steenbergen said.
Grab Holdings Retires $600 Million in 2026 Debt With Extra Cash
Grab Holdings Ltd. on Monday said it prepaid $600 million in debt ahead of a 2026 maturity, taking advantage of excess cash on its balance sheet.
Quirky Bond Trade Gives Companies a Way to Cut Borrowing Costs
Companies are taking advantage of price discrepancies in the debt and derivatives markets that give them a way to trim their borrowing costs – enter the 3NC1. Investors eager to take advantage of rising interest rates are buying the debt even if they only earn the extra yield for a year.
Cheniere Energy to Pay Off More Debt with Investment-Grade Score
Cheniere Energy, an operator of liquefied natural gas terminals, plans to extinguish more of its debt after it secured a second investment-grade credit rating, the company’s finance chief told me for Bloomberg News.