Barclays
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Shares in Enav, the Italian state air traffic control operator, closed 11% higher on their first day of trading on the Milan Stock Exchange today. -
A string of dollar issuance from public sector borrowers is set to extend into Wednesday, as Belgium mandated in the currency following a pair of deals from an agency and a supranational.
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Hansteen, the UK-headquartered real estate investment trust (REIT), has agreed a new £330m credit facility with three banks, including one new lender.
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CDB Capital, a wholly-owned subsidiary of China Development Bank Corp, is looking to raise as much as $500m from a new deal while unrated China Minsheng Investment Corp has returned for a three year bond, with both relying on keepwell structures.
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China’s Fenghui Leasing Co obtained a first-time rating on Tuesday ahead of its offshore debut in dollars while India’s Adani Transmission has ditched a potential Masala bond in favour of just selling dollars.
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A stream of dollar issuance over the last few weeks looks like it will keep flowing right into this Wednesday’s US Federal Reserve meeting, after a pair of borrowers mandated on Monday for no-grow $1bn deals.
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Petrochemical manufacturer Ineos on Monday launched a €1.1bn-equivalent refinancing deal into a high yield market that has thrown caution to the wind.
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Eircom, the Irish telecoms company, on Monday launched a €200m tap of a high yield bond issued last month, which would cut its exposure to bank lending in its new €2.4bn debt structure.
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The privatisation of Enav, the Italian air traffic control system, reached a successful conclusion on Thursday, proving that large IPOs can still happen in the post-Brexit equity market, even in Italy, where stocks have been hit hard.
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European Central Bank president Mario Draghi has in effect told market participants to come back after summer if they want to see any further monetary stimulus — but belief that such stimulus is on the way helped a trio of euro deals this week.
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Israeli-American pharmaceutical company Teva ripped through a severely undersupplied European corporate bond market this week, making savage price cuts on all three tranches of a €4bn trade that still ground tighter in secondary markets. Ross Lancaster reports.
