Banks

The UK’s Keller Group has signed a £375m syndicated loan to refinance debts, as the engineering company takes “tough but necessary actions”, through a multi-million pound restructuring, to cull loss-making operations.

Bank Nederlandse Gemeenten failed to reach full subscription for its €750m November 2025 sustainability bond this week, with the issuer attributing the lack of orders to the volatile market conditions.

Kongsberg Gruppen, a Norwegian supplier of technology systems to the offshore oil and gas sector, has finished a Nkr5bn (€513m) rights issue with a healthy level of oversubscription.

Belgium’s ADB Safegate has raised €59m in the leveraged loan market through a bolt-on transaction, with the airport services provider set for its acquisition of the UK’s Ultra Electronics Airport Systems.

The Co-operative Group pulled out of a new bond issue and took the rare step of cancelling a tender offer this week, with bankers pinning the blame on the UK’s Brexit brouhaha.

Denmark’s TDC is seeking to reprice its euro-denominated term loan ‘B’, as the telecoms company continues to slash at its debt costs and size in the wake of selling Norwegian cable firm Get.

With covered bond spreads likely to go wider, ANZ’s decision to take as much size from the market as possible was logical. The short and rare four year tenor was instrumental in boosting appeal for the bond issue, but it also helped that the issuer took the trouble to engage with investors with a roadshow beforehand.

Takeda Pharmaceutical, the Japanese firm buying UK rival Shire, defied tough market conditions to press ahead with a $5.5bn trade to help fund its $62.5bn acquisition ahead of the Thanksgiving holiday.

Bankers in the corporate bond market still have a number of deals on their pads to try to execute ahead of the end of 2018. None was successful this week, but that hasn’t dented their ambition.

The head of NatWest Markets' private placement business has left the bank.

India’s Housing Development Finance Corp (HDFC) sold a privately placed offshore rupee bond this week, giving an inkling of hope to what has been a lacklustre market.

Coal producer Yancoal will start bookbuilding early next week for a Hong Kong IPO, making it the first Australian-listed company to have a dual listing in Hong Kong, according to a banker close to the deal.