BNP Paribas
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Crown European Holdings was back in the euro high yield market on Monday with a €600m deal that will be used to repay its US parent company’s term loan ‘B’. -
Online travel booking group Expedia has mandated three banks for a roadshow for its first euro bond, having previously issued only in dollars.
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Indonesian oil and gas company Pertamina has asked banks to review covenants on a loan it wrapped up in February, as future capital expenditure requirements might make it difficult for it to stick to the existing conditions.
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Indonesian port operator Pelabuhan Indonesia II (Pelindo II) made a splash with its inaugural outing in the international bond market, raising $1.6bn from a tightly priced dual-tranche offering split between 10 and 30 year trades.
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Korea Resources Corp (KoRes) successfully returned to the dollar bond market on April 23 with its safe haven status drawing solid demand. But the state owned enterprise shied away from increasing the size of the deal due to the government pressure to reduce debt.
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Chinese property developer Jingrui Holdings priced a $150m bond on April 23 having spotted an opportunity following the market’s indifference towards Kaisa’s default. But investor demand was far from enthusiastic even though the issuer was willing to pay a healthy new issue concession.
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Although oversubscribed, the first €3bn syndication from a public sector borrower since the European Central Bank began buying in the sector — a 0.2% April 2025 issue for the European Financial Stability Facility — has left bankers fretting over crowded-out investors deserting SSA debt in the single currency, writes Tessa Wilkie.
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Three euro benchmark covered bonds were issued this week from borrowers in Belgium, Norway and the Netherlands. But it was the debut Dutch conditional pass through (CPT) structure from Van Lanschot Bankiers that proved the most interesting.
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UK engineering group Smiths’ second euro bond was 2.3 times oversubscribed on Thursday. The issuer is a rare name in euros, and the deal was preceded by a three day roadshow.
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German investment company JAB Holding has issued a €600m 10 year bond to refinance a term loan maturing in 2016, after securing a ratings upgrade from Standard & Poor’s.
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FirstRand on Thursday printed a $500m bond with a spread of 100bp or less over the Republic of South Africa, with the order book for the deal having closed at $1.9bn.
