Banks

Clayton, Dubilier & Rice has launched a take-private bid for UK based healthcare marketing and PR firm Huntsworth, bidding an enterprise value of £524m for the company. The debt financing for the deal is a $295m term loan and a £35m revolver provided by Royal Bank of Canada.

Troubled UK tech firm Micro Focus succumbed to miserable market conditions on Monday when it decided to postpone a refinancing and extension of its revolver, promising a return "once market conditions improve".

Korian, a French owner and operator of care homes, issued a new €400m seven year convertible bond on Tuesday, as equities rallied on hopes of central bank stimulus to combat the economic cost of the Covid-19 corona virus outbreak.

Two German states rebooted the primary SSA market on Tuesday with intraday deals at the opposite ends of the euro curve. The five year deal was almost two times covered but there were no book updates for the 15 year.

German auto and industrial supplier Schaeffler has launched an inaugural Schuldschein. The funds will be used in accordance with its green finance framework.

Two more bankers are leaving Daiwa Capital Markets Europe’s debt capital markets team, as the bank relocates staff to Frankfurt as part of plans to make sure it can continue to serve EU clients after Brexit.

Commerzbank reopened the covered bond market on Tuesday by pricing its largest Pfandbrief in a decade, following a meltdown in global finance last week.

US corporates leapt on the chance to print euros this week, with Honeywell, Berkshire Hathaway and Schlumberger all finding plenty of demand in the currency.

Relx, the UK specialist publisher, reopened the European corporate bond market on Tuesday after more than a week without any benchmark issuance. It was a convincing €2bn issue, but Relx had to pay double digit new issue premiums.

Italy's CNH Industrial has extended its revolving credit facility by a year, with all lenders agreeing to the capital goods company exercising the first of two one year options.

GTLK Europe, an aircraft and ship lessor, was offering a healthy new issue premium for a benchmark seven year bond in dollars on Tuesday, with the Covid-19 outbreak still casting a shadow over global financial markets.

Dürr is looking for its second sustainability-linked Schuldschein, after the listed mechanical and plant engineering firm launched its first issue in the format last May.