Barclays
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UBS met strong demand for its first holdco level senior debt in euros on Monday, with market participants divided on how its pricing compared to opco levels. -
French motorway operator Sanef issued a €600m 10 year bond on Friday, in the style of this week in the European corporate bond market: with a massive order book and single digit new issue premium.
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A $500m five year loan for Stats ChipPac, which launched in mid September, has received commitments from three banks, according to sources familiar with the deal.
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It was hardly back with a bang, but Latin American corporate issuance is on the agenda again after Fibra Terrafina sold $425m of seven year notes on Tuesday — some two months after its roadshow.
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Mölnlycke, the Swedish maker of wound dressings and surgical gloves, issued a €500m eight year bond on Monday, as the corporate bond market’s awakening from earnings blackouts continued apace.
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BorgWarner, the US car engine and drivetrain maker, furthered the return of reverse Yankee bonds to Europe's corporate market on Monday, by issuing a €500m seven year no-grow deal.
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Royal London Mutual Insurance Society looked to the sterling market for a £350m 13 year subordinated bond, following meetings with investors earlier this week.
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Barclays and Nordea secured strong demand and tight pricing for tier two deal this week, as both banks looked to capitalise on positive investor sentiment. Their success had market participants expecting further supply.
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Veritas, the Californian data management company, has become the first US borrower to roadshow for a euro high yield bond in the second half of this year — and bankers say it will soon have company.
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In a departure from recent tactics, the Export-Import Bank of Korea (Kexim) launched its most recent bond with a generous price guidance. But the gamble paid off as the borrower attracted a record order book and got away with paying only a small concession.
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Issuers, investors and regulators are paying attention to senior unsecured bank debt, and the tier two bonds that stand below them in the capital structure, like never before. Nick Jacob reports.
