Barclays
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Volatility from several sources has driven investors into core govvie products, causing curves to rally. Only one issuer was positioned to reap the benefits. -
France’s inflation linked bond issue on Wednesday drew the nation's largest book ever for a linker bond, in spite of a curve squeezed tight by volatility.
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UK transport operator FirstGroup has raised dollar funding in the US private placement market in a bid to refinance sterling bonds expiring in September. According to one agent, the transaction was twice subscribed despite 15 other borrowers also being in the market.
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Carmaker Fiat Chrysler Automobiles has amended its existing €6.25bn revolving credit facility to stretch out the maturity to 2023, but loans bankers are concerned about the low volumes of business to look forward to.
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AIA Group wrapped up a swift deal during New York hours on Tuesday, taking advantage of the ample liquidity in the US market and investors’ appetite for longer tenors. The life insurance company’s $500m deal outperformed most recent trades — both in the primary and secondary markets.
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The UAE’s largest private healthcare company, NMC Healthcare, has signed a $2bn loan with a club of international banks, continuing a growing trend of Middle Eastern private companies entering the syndicated loan market.
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JD Sports, the UK athletic wear company, has agreed a new revolving credit facility underwritten by existing relationship banks Barclays and HSBC, to finance its $558m acquisition of the US’s Finish Line.
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France announced on Tuesday that it will come to market for an 18 year inflation linked benchmark, making the most of a pre-Easter lull in issuance.
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This week has not looked like anyone’s ideal opportunity for issuing corporate bonds in Europe, especially a challenging debut hybrid with a speculative grade rating. But Akelius, the Swedish housing company, saw a chance and pushed ahead.
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Galliford Try, the UK construction company, has revealed the terms for the £157m ($221.1m) rights issue which it announced in mid-February to cover the costs of Carillion’s collapse.
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European levfin investors are optimistic as the market heads into the Easter break, with buyers enjoying better pricing and terms even as issuers prepare to launch a fresh bout of speculative grade paper over the next few weeks.
