Barclays
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Turk Eximbank has returned to the international market for the first time since 2012 and opened guidance on a new seven year bond on Tuesday. -
Korea Western Power (Kowepo) made a solid return to the dollar market on Monday, pricing a five year bond that was nearly four times subscribed. Despite a soft start to the week, the quality of the credit and the strategy of capping deal size at $300m was a drawcard for investors.
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Borealis, the Austrian chemicals and fertiliser producer, has refinanced its €1bn five year revolving credit facility, originally signed in 2012, pushing the maturity out to 2019, with an additional two year extension option.
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Korea Western Power (Kowepo) opened books for a five year dollar bond that is capped at $300m on Monday morning. The Reg S issue is getting good traction, with the order book standing at $750m by early afternoon.
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Ghana's lead managers defended what looked like a low multiple of oversubscription on the sovereign's Thursday $1bn bond deal as they released the final book size, pointing to the quality of the orders received.
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Holding d’Infrastructures de Transport, the holding company of Société des Autoroutes du Nord-Est de la France, the French motorway operator, returned to the bond market after a two and a half year break on Wednesday for a €450m deal.
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The US FIG market returned to normality after the deluge of the previous week’s supply subsided.
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Covered bond issuers priced 10 benchmark sized deals this week, raising €11bn on the back of an aggregate €26bn of demand. Average order book sizes were boosted after the European Central Bank announced last week its intention to proceed with a third covered bond purchase programme.
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The covered bond market for sterling FRNs picked up on Monday as Barclays priced the largest ever deal in the currency and Danske Bank priced a benchmark. The two borrowers follow Nordea Eiendomskreditt, which attracted robust demand last week.
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German automotive engineering company Amtek has endured a torrid time since launching its €305m leveraged loan last July amid unkind markets.
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Europe’s corporate bond market delivered on bankers’ and investors’ hopes this week, as issuers belted out €13.2bn of deals, pushing this week — by a €20m margin — into the top 10 of the market’s busiest weeks ever.
