Banks
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The board of BCA Marketplace, a UK secondhand car dealer, announced on Wednesday that it would recommend a £1.9bn offer from TDR Capital to take the company private. The deal marks a coup for Jefferies, which is lead financial adviser to BCA, a role it won following the hire of a UK M&A team from HSBC last year led by Philip Noblet. -
Changes in European banking regulation are helping to convince long-time opponents of issuing additional tier one (AT1) capital that there is value in getting involved in the asset class, with Commerzbank finally signalling this week that it intends to issue in the format.
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AbbVie’s $63bn cash-and-shares bid for Allergan, a rival drug company, will add fuel to the pharmaceutical sector's M&A bonfire, with more jumbo deals expected before the year ends. A trip to the bond market for funds, including a large euro issue, is also likely, write Mike Turner and Alex Radford.
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With the quarter’s end approaching and the G20 meeting starting on Friday, the primary market saw a busy period across all asset classes on Monday, as issuers rushed to frontload supply while Skandinaviska Enskilda Banken (SEB), Nykredit Realkredit and Société Générale lined up for deals in euros.
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A trio of SSAs made the most of low yields in Danish kroner and Swedish kronor to print paper with coupons hovering around zero this week.
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Schuldschein borrowers, with the help of arranging banks, are for the first time offering different pricing ranges on issues of fixed and floating rates, as the market tries to find ways of dealing with the prolonged period of negative interest rates.
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The City of London Corporation, via its endowment fund The City’s Cash, has launched first US private placements (PP), roadshowing the prospective notes this week and next. The funds will be partly used to finance the consolidation of the Billingsgate, Smithfield and Spitalfields wholesale food markets at a new site in Dagenham, Essex.
