Corporate Borrowing & Debt

News

Risk of Messy Brexit Mobilizes Corporate Europe and Its Bankers

Katie Linsell | September 11, 2018

Banks are rewriting the fine print on bonds, while companies warn investors of potential Brexit ramifications.

News

Apple, Oracle Dump Bonds

Molly Smith | August 31, 2018

Changing approaches to corporate cash management, driven by repatriation of overseas funds, have created a $300 billion hole in the market for short-term corporate debt.

News

Floating-Rate Notes Linked to SOFR

Alexandra Harris, Paul Cohen & Rizal Tupaz | August 30, 2018

MetLife breaks ground with $1 billion bond based on LIBOR heir.

News

LIBOR Challenger Embraced in Debut Commercial Paper Transaction

Adam Tempkin & Liz Capo McCormick | August 27, 2018

“You should expect to see additional SOFR-linked deals across a broad spectrum of issuers.”

News

Libor's Heir Presumptive Prepared to Take on Bank Bond Market

Maciej Onoszko | August 16, 2018

Bank and corporate bonds linked to SOFR may appear on the market in months, not years.

News

How Musk Plans to Take Tesla Private

Miles Weiss | August 09, 2018

Internal stock market may enable current shareholders and Tesla employees to continue trading shares, with less volatility and less liquidity.

News

Corporate Bond Issuance Decelerates to Its Slowest Pace This Year

Christopher DeReza | June 28, 2018

Trade tensions pushing investors into Treasuries might put a damper on bond sales this summer.

News

Walmart Launches $16 Billion Bond Deal

Molly Smith | June 20, 2018

U.S.'s second-largest deal of the year will finance an acquisition designed to break the retailer into e-commerce in India.

News

Corporate America’s Staring Down $4 Trillion Wall of Refinancing

Shelly Hagan | May 11, 2018

Some fear an economic hard landing will follow the massive wave of refinancings.

News

Apple Cuts Corporate Bond Holdings

Molly Smith | May 06, 2018

Corporate debt markets are feeling the effects of the new tax law.

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Alexander Hamilton Awards

Standing up a Fully Functional Treasury in Six Months Flat

Meg Waters | April 26, 2018

Congratulations to Herc Rentals—winner of the 2018 Gold Alexander Hamilton Award in Treasury Transformation!

News

Netflix Sells $1.9 Billion of Junk Bonds

Molly Smith | April 23, 2018

Company aims to boost liquidity and pay for rising programming costs. Investors continue to buy its debt, expecting growth in subscriber base to eventually turn cash flows positive.

Analysis

Competition Heats up in Electronic Bond Order Systems

Katie Linsell | April 11, 2018

New system launching this year will compete with platform used by BofAML, Citi, and JPMorgan Chase.

Analysis

Borrowers Lose Leverage as Corporate Bond Buyers Grab Reins

Brian Smith | April 03, 2018

Acquisitions, FX market dynamics, cash repatriation, and rising interest rates are making debt more expensive for U.S. companies.

News

Soaring LIBOR Trickles Into Funding Markets Worldwide

Alexandra Harris & Liz Capo McCormick | March 21, 2018

Surge in U.S. dollar LIBOR is making funding more expensive for some borrowers outside the United States.

Analysis

Effects of Climate Change on Corporate Credit Ratings

Michael Wilkins & Peter Kernan | March 08, 2018

How S&P Global Ratings gauges companies’ environmental and climate risks and opportunities, and what the trends reveal.

News

U.S. Pays Up to Auction $179 Billion of Debt in a Span of Hours

Alexandra Harris | February 20, 2018

Three- and six-month bills sold at levels unseen since 2008.

News

Be Prepared for T-Bills Flood

Alexandra Harris | February 15, 2018

Corporate debt and investment managers need to prepare now, as upcoming T-bill issuance will put upward pressure on short-term rates.

Best Practices

Opening the Credit Umbrella in China

Meg Waters | February 15, 2018

Honeywell wins the 2017 Gold Alexander Hamilton Award for Best Practices in Restricted/Emerging Markets.

Analysis

How European Banks Are Dealing with Bad Loans

Nicholas Comfort, Giovanni Salzano & Sonia Sirletti | February 14, 2018

Europe's $1.2 trillion soured-loan headache, explained in five charts.

News

Tax Reform Seen Limiting Corporate Bonds Available for Pension Plans

Katherine Chiglinsky, Brandon Kochkodin and Claire Boston, Bloomberg | December 18, 2017

If companies decide to repatriate overseas cash, they're likely to issue less debt.

Analysis

Libor’s Rise Matters for Trillions of Debt

Liz Capo McCormick, Bloomberg | December 14, 2017

Benchmark hits highest level since 2008 in the wake of the Fed's rate hike.

News

Starbucks Serves Up $1B of Bonds

Molly Smith, Bloomberg | November 21, 2017

Issuance will help finance company's buyback plan.

News

GE to Make Debt-Funded Contribution of $6B to Pension Plan

Nick Thornton, BenefitsPro | November 15, 2017

Move comes as company says it will halve its dividend.

News

Apple Sells $7B in Debt

Molly Smith, Bloomberg | November 06, 2017

Move underscores U.S. companies' uncertainty about tax reform.

News

ECB Largesse Helps Bond Sales Eclipse 2016’s Total

Cecile Gutscher and Paul Cohen, Bloomberg | November 01, 2017

Syndicated bond sales in Europe hit $1.3T.

News

Netflix Binges on $1.6B of Junk Bonds

Molly Smith, Bloomberg | October 24, 2017

Company is burning through cash as it invests in new programming.

News

Ebitda Mocked as Borrowers Stretch Limits on Adjustments

Sally Bakewell, Lisa Lee and Nabila Ahmed, Bloomberg | October 20, 2017

Some debt offerings find ways to double earnings projections.

News

Junk Borrowing Binge Benefits Wall Street

Lisa Abramowicz, Bloomberg | October 17, 2017

Total amount of speculative-rated debt in the U.S. has declined in recent years.

News

Nordstrom Lenders Demanded Rate the Family Couldn't Pay

Nabila Ahmed, Bloomberg | October 17, 2017

Foiled deal shows that the retail industry is toxic to creditors.

Analysis

Brexit Raises Concerns about FX Exposures, Cash Pooling

Susan Kelly | October 12, 2017

The slow pace of the negotiations is creating uncertainty for corporate treasuries.

News

Banks Pine for Loan Growth

Dakin Campbell and Hannah Levitt, Bloomberg | October 12, 2017

Corporations put off expansion as they wait for legislation.

News

Trump’s Tax Plan Goads Companies to Buy Back Bonds

Molly Smith and Claire Boston, Bloomberg | October 11, 2017

Comcast, 3M and Wal-Mart among those buying back debt.

News

Leveraged Loans Eliminate Covenants

Nabila Ahmed, Bloomberg | September 24, 2017

Three-quarters of new loans are now defined as "covenant-lite."

Best Practices

Reaping the Gains from Rising Interest Rates

Bob Stark | August 17, 2017

Five factors corporate treasurers need to consider as central banks around the world look to increase rates.

Best Practices

Best Practices in Optimizing Corporate Liquidity

Meg Waters | July 26, 2017

The 2017 Alexander Hamilton Awards in Liquidity Management recognize two outstanding initiatives that improve their company's management of cash investments.

Best Practices

How Treasuries Transform Themselves

Meg Waters | April 19, 2017

Whatever its goal—from increasing analytics capabilities to optimizing support of the business during an acquisition or divestiture—a treasury transformation project is an enormous undertaking. Here are three companies that did it right.

Best Practices

Adventures in Financial Risk Management

Meg Waters | March 22, 2017

How the winners of the 2017 Alexander Hamilton Awards scaled the challenges of volatile markets and evolving technologies to arrive at the pinnacle of their profession.

Best Practices

Taming the Dragon

Meg Waters | October 06, 2016

Alexander Hamilton Award winners in the category Best Practices in Restricted/Emerging Markets find that building solid relationships is the key to successfully running a corporate treasury in China.

Best Practices

Rock-Solid Liquidity Management

Meg Waters | May 18, 2016

How innovative thinking and perseverance enable corporate treasury to conquer even the most complex cash management challenges.

Best Practices

Why Consider Convertible Bonds?

Greg Holden | September 04, 2013

As activity in the convertible market begins to accelerate, finance teams stand to benefit by learning more about this flexible financing tool.

Resources

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