Bank of America
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Any bankers who had written off December for corporate bond issuance were forced to eat their words today, when Vonovia, the German housing company, issued a €3bn deal to finance its hostile takeover bid for Deutsche Wohnen, and won a book of over €7bn.
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UK construction company Balfour Beatty has nearly halved the size of its revolving credit facility in a £400m refinancing deal.
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Corporate bond bankers are busy, for this time of year. While they are usually up for doing deals, it is clear investors, too, are in no hurry to close their books for the year, but are keen to buy paper, despite the let-down of the European Central Bank’s lukewarm QE boost last week.
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At this time of year, attention in the equity capital market is divided between avidly fighting for next year’s mandates, which are beginning to mount up — and counting the spoils from this year. Has it been a good, bad or indifferent year — and for whom?
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Corporate treasurers across Europe will be thanking Daimler today, as the German car maker took the lead on Tuesday and showed that the bond market is wide open for deals.
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Chinese brokerage house Everbright Securities is eyeing a listing in Hong Kong, having filed a preliminary prospectus on Tuesday with the city’s bourse.
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India’s Reliance Industries has selected a group of 13 lenders for a $1bn loan that will refinance a borrowing raised in 2010.
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Goodyear Dunlop Tires, the US tyre manufacturer, is issuing €250m of eight year senior unsecured notes. A roadshow is scheduled for Wednesday in London.
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For the third part of our annual awards, we cover Best Local Currency Bond, Best Securitization, Best High Yield Bond, Best Investment Grade Corporate Bond, Best Financial Bond, Best Sovereign Bond, Best Local Currency Bond House and Best G3 Bond House.
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Entertainment One, the FTSE 250 UK media company, priced £285m of senior secured notes at the tight end of price talk on Friday (December 4), after finishing a five day roadshow.
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In the second part of our 2015 awards, we present the winners for Best Equity-Linked Deal, Best IPO, Best Follow-on/ABB and Best Equity House.
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Mexican real estate investment trust Fibra Uno was forced to issue less than it was hoping for this week, in a deal that exemplified the new reality to which Latin American issuers — even the well-liked, solid credits — must become accustomed.