Bank of America

High yield bond investors in Europe are getting squeezed from both sides, as formerly regular visitors to the market hit investment grade status, and new acquisition financings hit the loan market rather than bonds. Schaeffler’s blow-out debut in the investment grade bond market on Tuesday took out €1.5bn equivalent of former HY product.

SSP, the UK food and drinks retail operator, has sold US private placements (US PP) via Barclays and Bank of America. Pricing was similar to its PP debut last year, market participants said, which is a sign that, for the right UK credit, the market remains stable amid the Brexit storm.

The remarkable €947m listing of Dutch payments firm Adyen was celebrated as GlobalCapital’s ECM Deal of the Year, while also taking home the gongs for IPO of the Year and Best ECM Deal in the Benelux.

Blackstone-backed Embassy Office Parks Real Estate Investment Trust (Reit) has sealed the book for its Rp47.6bn ($694.3m) IPO well oversubscribed.

Despite a slight softness in the European corporate bond market at the end of Tuesday, Wednesday brought another strong deal. CNH Industrial, the agricultural machinery and lorries group backed by the Agnelli family, issued an eight year bond that was increased to €600m.

Two accelerated bookbuild transactions hit screens on Tuesday night, in Italian skiing jacket brand Moncler and Total, the French oil and gas company.

India’s largest telecommunications service provider Vodafone Idea has set the price for its Rp250bn ($3.6bn) rights issue, enticing shareholders with a discount of more than 60% to its latest trading price.

GlobalCapital announced the winners of its 2018 Equity Capital Markets Awards at our annual Awards dinner in London on Tuesday night. Adyen, Knorr-Bremse, Netcompany and Neoen were among the deals that won prizes as company founders, CFOs and senior managers mingled with leading investment bankers.

The European corporate bond market’s charmed life continued on Tuesday, as if the intensifying crisis of Brexit was just a dream. Two triple-B issuers and one single-A all found the same deep demand that has greeted every deal for the past few weeks.

Bank of America, Goldman Sachs and Nordea launched a refinancing deal for specialty chemicals firm Perstorp Holding, a Swedish-headquartered PAI Partners and Landmark Partners portfolio company.

Bank of America and Goldman Sachs have launched the loan backing Triton Partners and Luxinva's buyout of IFCO Systems, the Germany-based reusable plastics business of Australia’s Brambles.

Telstra, Australia’s national telecoms company, returned to one of its most important funding markets, euro bonds, on Monday, with a smallish benchmark deal that joined the remarkable wave of deals that have achieved negative new issue premiums.