BNP Paribas

Private equity firm 3i is taking advantage of bullish conditions in the leveraged loan market to launch its fifth dividend recapitalisation of Action, the Dutch non-food discount retailer it bought in 2011.

Malaysia’s SP Setia priced a MR997.8m ($256.2m) capital increase on Monday at the low end of guidance, in the largest overnight placement from a real estate issuer in the country.

US lottery and gaming group Scientific Games International sold its first euro bonds this week, in a European high yield market that bankers and investors described as ready and steady for opposite reasons.

Private equity firm PAI's divestment of its majority stake in Kiloutou, the French equipment rental firm, is pumping supply into the term loan market this week through a secondary buyout. Meanwhile, PAI is itself funding its leveraged buyout of Albéa, a French beauty product packaging group, with a high yield pay-if-you-can (PIYC) bond.

China Cinda Asset Management Co has mandated 12 global co-ordinators and an additional 11 bookrunners and lead managers for its upcoming senior dollar transaction, with investor meetings and calls scheduled over the next two days.

Swiss investors have welcomed the Central American Bank for Economic Integration (Cabei) back after a year-long absence. The borrower decided to raise bonds in Swiss francs after a steady rise in Swiss interest rates through January.

When talking to syndicate managers or investors about the first month of 2018, you may think that supply volumes in the euro investment grade corporate bond market have been unusually low. However, a comparison of previous January issuance levels suggests it has been a much more normal start to the year.

Public sector borrowers this week set new landmarks in what has already been an exemplary year in dollars, as KfW sold the largest 10 year dollar benchmark in 2.5 years and the Nordic Investment Bank priced the tightest deal versus swaps of 2018 so far. SSA bankers are confident that conditions will hold at both ends of the curve — allowing the possibility of further long end supply and even lower short end spreads.

Guarantor: CPP Investment Board

Italy’s leading gas distribution company Italgas was the latest issuer to benefit from the lack of corporate bond supply so far in 2018, tapping a deal on Tuesday. Investors, starved of paper, have caused order books to be multiple times oversubscribed and issuers have benefited from tight pricing as a result.

Nordex, a German wind turbine manufacturer, began selling a €275m high yield bond this week as it plans to extend its debt maturities by taking out shorter-dated and floating rate Schuldschein paper.

Corporate bond investors were offered 10 year and 11.5 year new issues on Wednesday and combined order books of over €4.4bn showed there is significant demand for longer tenors in this market.