Bank of America
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Is demand in Europe’s leveraged finance market so strong that a single-B rated borrower could raise €3.5bn of high yield bonds and loans, and use some of the cash to fund the largest dividend recapitalisation of the year? Verisure began marketing such deal this week, and many investors appear to like it. -
Following French food company Danone’s recent hugely successful hybrid corporate debut, investors have been waiting for the next hybrid trade. This week they had two to consider.
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Guarantor: All Danish municipalities and regions
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The European high yield bond pipeline was stuffed with an array of mainly sub-benchmark deals this week, after issuance volume hit a historic high.
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KommuneKredit and Erste Abwicklungsanstalt rounded out this week’s dollar issuance in what has become typical fashion for trades over the last few days — oversubscribed books and tightened pricing. But KommuneKredit’s deal featured a novel aspect that SSA bankers hope other issuers will embrace.
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If the only benchmark euro deal on Thursday had been true to its roots, it would have built a waiting list rather than an order book. But demand still far outstripped supply when Italian luxury sports car manufacturer Ferrari sold its second corporate bond issue.
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Wing Lung Bank, part of China Merchants Bank Group, has mandated six firms to work on a Basel III tier two dollar transaction, and will go on a roadshow in Hong Kong and Singapore.
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China’s Concord New Energy Group is pursuing its debut green dollar bond.
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China Power International Development has tapped Bank of America Merrill Lynch to underwrite a cash call that could raise up to HK$4.5bn ($573m) for an acquisition.
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Korea Electric Power Corp has hired three bookrunners to run an investor roadshow ahead of a potential dollar-denominated green bond issuance as it looks to build a renewables portfolio in the US through acquisitions.
