Bank of America
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The European Stability Mechanism completed over 50% of its funding target for the fourth quarter on Tuesday with its first three year euro benchmark since 2015. -
German car manufacturer Volkswagen livened up investors’ Tuesday with a new triple-tranche deal.
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Thai energy drinks manufacturer Osotspa has raised Bt15.1bn ($459.5m) from its IPO, taking advantage of a quiet market and its familiarity among investors to price at the top of the range.
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A sharp sell-off in US Treasuries after the release of stronger than expected US economic data has changed the landscape for dollar issuance. Ten year benchmarks could be possible, although one product investors would normally welcome in a rising rate environment — floating rate notes — is unlikely to make a big comeback.
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Switzerland’s Nestlé has refinanced or extended loans totaling around €11bn, and lenders say that the rest of the year will be populated by similar transactions in the investment grade market.
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Comcast got October off to a flyer after high-grade corporate dollar issuance slumped to its weakest level for four years in third quarter. However, aside from Comcast there were slim pickings in the high-grade market this week.
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Comcast wowed the dollar market with the fourth biggest corporate bond of all time as investors jumped in to produce a bulging order book against a strong technical backdrop.
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The International Finance Corp became the first issuer to launch a green Komodo bond — an offshore bond in Indonesian rupiah — on September 28. But the World Bank had the same idea: it launched a sustainability bond in rupiah the following week.
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American real estate investment trust (REIT) WP Carey paid a significant premium when it sold its second euro deal of 2018 on Tuesday. Despite the lack of reverse Yankee issuance this year, investors needed some persuading to buy the 7.5 year deal.
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Most European leveraged loan deals in October are achieving savings of 25bp and more over price talk, with demand on the rise. The loan offering to fund Advent’s buyout of Distributed Power confirmed this trend, as it tightened margins and issue discounts.
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Eurotorg, the biggest supermarket group in Belarus, has announced its intention to float on the London Stock Exchange, paving the way for the first big international IPO of a Belarusian company.
