Barclays
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Italian electricity company Enel refinanced a €9.4bn credit facility on Thursday and reduced the margin on the loan from 190bp to 80bp over Euribor. -
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With up to $50bn of additional tier one deals expected to hit the bond markets this year, bank funding teams are praying that this evolving but crucial asset class can settle down and help them meet their capital needs.
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Wittur, the German lift components producer, has become the latest midmarket leveraged loan borrower to join this year's rush to market with a covenant-lite loan - and like the others, has been forced to widen its pricing.
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Apple may well be the darling of the bond markets but arch rival Microsoft proved that it is still a massive draw when it printed the biggest deal of the year at tighter spreads than its rival.
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Sky Bet, the UK online gambling business, allocated its £340m seven year term loan ‘B’ at around 10am GMT on Monday morning, having further flexed the deal’s terms in favour of investors.
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Publicis, the French advertising firm, has signed a $1.6bn loan with maturities of 2018, 2019 and 2020 and a margin of 60bp.
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Smurfit Kappa Group, the Irish packaging group, priced a €250m 10 year high yield bond on Wednesday evening that found solid demand, after announcing higher earnings and revenue for 2014.
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The latest of several Chinese issuers to tap the European bond market, China State Shipbuilding Corp priced its debut bond in the currency, a €500m three year issue, on Wednesday.
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Telecity, the UK data connectivity provider, has revealed a £600m refinancing loan as part of its results announcement to shareholders this year.
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Export Import Bank of Korea (Kexim) sold its second offshore renminbi bond in as many weeks, raising Rmb1bn ($162m). This time, the sophisticated Korean issuer took the unique approach of reaching out to both onshore Taiwan investors and offshore Reg S investors, issuing what became the first CNH public bond transaction out of Korea dual listed in Taiwan and Singapore.
