Barclays
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The brewery, pub and hotel company Fuller, Smith & Turner, famous for its London Pride premium ale, has signed two revolving credit facilities totalling £180m. -
The names have emerged of the 16 lenders that have signed up to the $1bn dual tranche loan from mobile phone company Xiaomi ahead of its launch into general syndication next week. Including the three original bookrunners and mandated lead arrangers, the total number of banks at the top level could swell to 20 as one more lender processes its approval.
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Ghana is expected to undertake a liability management exercise on its $750m 8.5% 2017s alongside the new Eurobond it is planning for September, said a banker away from the deal.
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Barclays priced Speyside Renewable Energy's £48m project bond on August 21, placing it with a handful of UK investors. The deal's minuscule size and lack of ratings meant it had a limited audience, but the bond carried some spread to compensate.
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Origin Energy has named Barclays, Goldman Sachs and UBS as lead banks in preparation for a five day roadshow across Europe and Asia for a possible hybrid capital issue.
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With the Scottish independence referendum less than a month away, another project in the country has announced it will enjoy funding advantages as a result of the UK’s £40bn government guarantee scheme. But if Scotland chooses independence from the rest of the UK, market participants appear to be unconcerned about the risks of that guarantee not being honoured.
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German automotive company Amtek will not close the book on its €305m deal until September, after entering the leveraged loan market towards the end of July’s glut of deal supply.
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A joint announcement by Green Investment Bank, John Laing and Estover Energy has revealed that the UK Treasury will guarantee a £48m 12 year bond as part of the financing for a £74m green energy power plant in Speyside. It will be the second bond for an infrastructure project in Scotland to benefit from the government's guarantee scheme.
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Upcoming changes to credit default swap (CDS) definitions could have a positive effect on the contingent convertible securities (CoCo) market, allowing investors to buy CDS protecting against the conversion of tier two securities into equity for the first time. The new hedging options are expected to tighten spreads in the CoCo market and could help to avoid dramatic sell-offs.
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US corporate issuance slowed through the week as books thinned and issuers offered concessions in order to get deals done before the summer holiday season.
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Amtek Global Technologies, having approached the loan market for the first time in July, will not set a deadline for commitments on its €305m deal but is using the calmer August weeks to improve lenders' understanding of the credit.
