Banks

LeasePlan, the Dutch car leasing company, has returned to the euro bond market with a €500m senior unsecured three year bond that was priced well inside the initial guidance.

France has picked banks for a long 30 year euro benchmark, returning to the long end of the curve with a syndication for the first time since May 2017, as promised in late 2018.

ThyssenKrupp, the German steel and engineering company, has raised €1.5bn in the corporate bond market, despite downward pressure on its credit ratings as it prepares to spin off its capital goods business later this year.

Jacob Holdings’ acquisition financing for emerging markets schools group Cognita has been wrapped up, with the planned unsecured high yield issue marketed in November stripped out and replaced with a €225m second lien loan.

Bromford Housing Association has issued a lengthy US private placement, involving a US institutional investor which had never invested in the asset class before.

The anchoring of European CLOs by Japanese investors, one of which has been claiming the senior notes on most euro CLOs issued in 2019, is likely to continue until at least mid-April, despite the year end for Japanese banks at the end of March, which often slows the market. ICG is the latest manager to launch an issue, with Goldman leading the deal.

The Kenyan sovereign is in talks with banks to refinance a $1bn term loan set to expire in March.

Telefonica Deutschland has launched a Schuldschein with wider pricing to reflect broader investor appetite, sources claim.

Royal Bank of Scotland’s commercial banking division grew its operating profit last quarter, its latest results revealed last Friday, despite corporate clients steering away from spending as they await the outcome of Brexit. Its investment bank, NatWest Markets, endured a difficult quarter, however.

National Thermal Power Corp (NTPC) has become the latest Indian corporation to tap the Samurai loan market, taking advantage of the cheap pricing and abundant liquidity on offer from Japanese banks.

Ronshine China Holdings announced the results of an exchange for its outstanding 2021 bond on Monday, at the same time as kicking off bookbuilding for $200m of new funding.

South Korea’s Homeplus real estate investment trust (Reit) is planning to start bookbuilding for its $1.5bn IPO on February 28, after seeing a decent response from investors, according to a source.