Barclays
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Credit Suisse drew in €3.3bn of demand for its €1.75bn five year deal, the biggest of 2014 as generous pricing and name recognition spurred demand. By contrast, La Caisse Centrale Desjardins du Quebec pulled in a relatively anaemic book €1.2bn for its inaugural legislative €1bn five year deal.
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Premier Foods priced the high yield bond component of its recapitalisation package at the tight end of guidance on Thursday, while increasing the deal from 475m to 500m pounds.
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Bank of Tokyo-Mitsubishi UFJ slotted a fifth tranche into its blow-out $4bn bond on Tuesday, adding a 30 year bond after US investors showed strong appetite for the longer tenor. -
Premier Foods, which is bringing a £475m high yield bond this week as part of a wider recapitalisation that also includes a £353m equity issue, accelerated the deal today and now plans to price it on Thursday, originally intended to be the middle day of its roadshow.
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Teollisuuden Voima, the Finnish nuclear power generator, launched a blowout bond issue today that showed once again how any issuer perceived as having somewhat more risk, and therefore offering a wider spread, is attracting massive demand.
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Premier Foods plans to issue a £475m high yield bond as part of an overhaul of its capital structure that also includes a rights issue and a new revolving credit facility.
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British American Tobacco raised €1bn in the bond market today, completing a hat-trick of deals by the three leading European cigarette makers. The transaction’s heavy oversubscription suggested there had been no impact either from the clustering of tobacco issuance, or from Russia’s alarming intervention in Ukraine.
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Danish catering, cleaning and security outsourcing firm ISS has signed €2.85bn of drawn and undrawn loans to refinance existing facilities before its flotation, expected to take place by March 17.
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The Republic of Azerbaijan has picked banks for its inaugural dollar bond and begins investor meetings on Monday. Comparably rated sovereigns like Russia and The State Oil Company of the Azerbaijan Republic (SOCAR) with provide reference points for pricing.
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This week’s CEEMEA deals were trading well in the secondary market on Friday morning. Abu Dhabi Commercial Bank’s $750m bond was almost 10bp tighter after being priced flat. Gazprombank’s 5.5 year transaction was slightly above re-offer, and Russian Railway’s nine year euro transaction was up after being sold against a particularly difficult backdrop.
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