BNP Paribas
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Chinese steel producer Shougang Corp Co is taking bids for its inaugural appearance in the euro bond market. -
The corporate bond deals priced so far this week show a robust market. A US Federal Reserve meeting and a thinning pipeline may have resulted in a maiden over of a Wednesday, but hopes are high of primary business picking up before the end of the week.
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Greece’s return to bond issuance on Tuesday drew praise from bankers across the SSA sector, who are now eagerly waiting to see whether the book — much smaller than its previous comeback bond in April 2014 — trumps that older deal for quality.
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FMS Wertmanagement nipped into a quiet dollar market on Tuesday, pricing a five year global benchmark flat to its curve after taking the unusual step of jumping 2bp from opening guidance in one step.
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Rotterdam-headquartered drinks bottle maker Refresco is set to issue over €2bn-equivalent of loans following its $1.25bn acquisition of US drinks firm Cott’s bottling business.
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Tikehau Capital, the French alternative asset manager, has raised €702m to accelerate its development, after its rights issue attracted substantial oversubscription by new and existing shareholders.
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Permira is selling its 33% stake in Cortefiel, the Spanish retailer, to the group's other two owners, CVC and PAI Partners. The deal includes a debt restructuring and ends rumours of an IPO.
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Greece is set to make its much rumoured return to the debt markets this week, bringing a new five year bond alongside a switch and tender offer for its original comeback issue, an April 2019 sold three years ago. Bankers away from the trade expect the trade to go well, despite coming just as the summer slowdown is set to start.
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FMS Wertmanagement came shooting out the blocks on Monday with an early mandate for a global benchmark. The issuer has opted for a five year, with banks on the trade citing strong investor appetite for dollar paper at that point of the curve.
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Italian electricity network operator Terna brought its first new issue of 2017 on Wednesday and benefitted from strong demand for triple-B rated bonds. The €1bn 10 year deal had an orderbook of €1.6bn and printed with a new issue premium of 8bp-10bp.
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European high yield market participants took caution from Tereos’ decision to postpone a perpetual hybrid bond issue on Tuesday, suggesting that the structure still confuses investors.
