BNP Paribas
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Leveraged finance bankers said on Monday that Altice could get “financing at the drop of a hat” for a possible takeover of rival Bouygues Telecom, but added that negotiations for the deal could be hairy. -
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High grade borrowers are set to pull the trigger on a slew of refinancings and M&A deals after the Federal Reserve took a big step closer to its first interest rate rise since 2006 following the conclusion of a two day meeting in Washington on June 17.
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Comments from US Federal Reserve chair Janet Yellen this week have fuelled expectations of a rate rise this year — but dollars should remain more attractive for issuance than euros.
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The potential for options to both magnify and soften credit blow-outs was demonstrated this week, as Greek default fear gripped the market and sent credit index spreads surging wider.
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A 10bp new issue premium was not enough for HSH Nordbank to attract a fully subscribed book for a €500m seven year Pfandbrief issued on Monday. Though it was cheap to the curve, the deal was much more expensive than other higher rated, shorter dated agency debt offered at the same time.
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Atos, the French IT services and outsourcing company, added to an already packed corporate bond pipeline on Wednesday, hiring banks to arrange a roadshow beginning next week, for its first ever bond.
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A pair of borrowers printed oversubscribed dollar deals in conservative maturities on Tuesday, finding conditions easier than at the long end of the euro curve.
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A smaller than typical seven year euro benchmark for KfW on Tuesday underlined how difficult execution in euros has become for public sector borrowers.
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BSREP India Office Holdings, an associate of asset manager Brookfield Strategic Real Estate Partners, is seeking a $220m three year loan for acquisitions.
