Banks
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CPPIB Capital raised $1bn with a 10 year bond this week but despite the deal securing the issuer’s lowest ever funding cost at that tenor, bankers were unimpressed by the level of demand, adding to claims that demand for 10 year paper is waning. -
The short end of the euro curve is becoming the new sweet spot for public sector borrowers, according to SSA bankers, despite the deeply negative yields in these maturities. The European Stability Mechanism (ESM), Instituto de Crédito Oficial (Ico) and Investitionsbank Berlin (IBB) are all enjoying strong outings with three or five year tenors this week.
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The UK Treasury’s decision to raise the cost of borrowing for local authorities has caused quite a stir in private placement markets, as players realise institutional investors are prepared to offer debt at more attractive rates than the Public Works Loan Board (PWLB). But the more adventurous local authorities may find capital markets a tougher pitch to play on, writes Silas Brown.
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Prosus gets JP Morgan loan for £4.9bn Just Eat order - GoCo switches to bigger loan deal - Schroders adds ESG targets to revolver - AerCap secures revolving debt until 2024 - Nottingham set to be third UK university to sell US PP notes this year
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Deutsche Bank is relying on a tight team of loyalists to revive its corporate finance ambitions, writes David Rothnie.
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JP Morgan changes line-up for energy and utilities, multi-nationals, UK ECM and UK M&A — UniCredit swaps out CEE investment bank head — Pigasse exits Lazard
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The African Development Bank returned to its inaugural Norwegian krone social bond to increase the trade to Nkr1bn ($109.4m) this week, as it looks to move its social bond framework into other currencies, including dollars.
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Moody’s downgraded the corporate rating of overleveraged French supermarket group Casino Guichard-Perrachon during a crucial refinancing. The group is already offering a generous spread on its new term loan, which it has to execute in order to unlock up to €2bn of revolving bank debt.
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Investors piled into a new hybrid bond for hotel group Accor this week to oversubscribe the €500m deal by almost six times. The demand reflected a ramping up of the hunt for yield as the European Central Bank stokes the fires of its corporate bond buying programme.
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AerCap Holdings has amended and extended its revolving credit facility, with the Dutch aircraft leasing company bumping up the size of the deal to $4bn and stretching out the maturity.
