Banks
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The €6bn debt funding for AkzoNobel Specialty Chemicals’ buyout has some lawyers, bookrunners and investors in the European leveraged finance markets agonising over what they describe as an exercise in private equity firms flexing their muscles. -
Emerging markets were treated to their first week of supply from the Gulf region in four months, and despite the sudden glut of supply, performances were strong and the market is ready for more.
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Yankee financials led the charge in the dollar market this week, as investors showed a strong appetite for high-grade credit.
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New York seemed set to avoid Hurricane Florence but US investors whipped up a storm of their own as they poured cash into a succession of big ticket deals from blue-chip domestic and Yankee names.
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German snack food company Intersnack has launched a €150m-equivalent Schuldschein with euro and sterling tranches — evidence, market players said, of the flexibility of the instrument.
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Italian multi-utility Iren highlighted the improving sentiment around Italian corporate bond issuers when it priced a €500m seven year green bond 15bp tighter than where similarly rated peer 2i Rete had printed a non-green deal the previous week.
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African borrowers will soon add a new flavour to the wave of Middle Eastern issuance that has so far dominated the autumn pipeline.
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Deutsche Bank has disclosed a 22% stake in Instone Real Estate, the German residential property developer, after a highly unusual block trade in the stock earlier in the week that failed to clear.
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Established SRI bond issuers are bringing deals to market over the coming weeks, including a new format from a seasoned borrower.
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The African Development Bank and Bank Nederlandse Gemeenten kept the positive momentum going in the dollar SSA market this week with blowout five year benchmark trades on Thursday.
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The IPO global coordinators for Adyen, the Dutch payments processing company, were at the centre of a controversy this week after lifting the lockup agreement on the sale of new stock three months early to allow pre-IPO investors to move €1.65bn of stock. A 9% discount to the last close helped ensure a heavily oversubscribed deal, but the aftermarket was chaotic with the stock slipping as much as 19.2% at one stage on Thursday. Aidan Gregory reports.
