BNP Paribas

The Sfr2.3bn IPO of Landis & Gyr, the Swiss maker of energy meters, has been priced above the middle of its initial range at Sfr78, valuing the business at 10 times its 2018 forecast Ebitda.

A pair of three year prints in dollars provoked very different reactions from GC BondMarker voters in the second quarter. Read on to find out more in this week’s BondMarker round-up, which looks at the most notable dollar deals of the last quarter.

South Korea’s Doosan Infracore secured $300m from the sale of a three year note on Wednesday, pricing inside its curve with the help of a guarantee from the Korea Development Bank.

Italian electricity network operator, Terna, brought its first new issue of 2017 on Wednesday, and benefitted from the current 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 10bp.

KfW printed a €1bn tap of a July 2022 line on Wednesday, sneaking in a deal ahead of the European Central Bank meeting on Thursday.

The Province of Alberta on Wednesday passed its first bond market test since suffering a double downgrade from S&P in May. Bankers away from the trade said it was a “good outcome”, despite having to pay a bit of concession — unlike most other dollar deals over the last few weeks.

BC Partners has agreed to buy German cloud technology firm PlusServer from US internet group GoDaddy, mandating Société Générale with an all senior loan package due in early September.

BNP Paribas has hired a senior EM credit trader to join its emerging markets trading desk.

Three more Turkish banks have come to the market to refinance loans from 2016, marking the second wave of refi deals to come out of the region this year.

Poland’s PKO Bank offered IG investors a healthy pick-up to the Polish sovereign curve with its new four year note on Tuesday.

Sweden on Tuesday printed a dollar benchmark at one of the tightest spreads to mid-swaps from a public sector issuer this year, as a Canadian province prepared to bring a deal in the currency further out the curve.

Eurofins Scientific and Thermo Fisher Scientific both held investor update calls on Monday, and both announced deals on Tuesday. The science double bill proved no horror story though, with investors clamouring for unrated Eurofins, even as the four tranche Thermo Fisher deal took more of the limelight.