BNP Paribas
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An HK$3.1bn ($400m) portion of an HK$4.46bn fundraising by CVC sponsored Hong Kong Broadband Network (HKBN) has hit general syndication, said bankers. -
Five high yield companies were roadshowing for bond issues in Europe on Monday, as banks in the market have refound their confidence and are ready to begin bringing deals in earnest.
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Thomas Cook, the UK travel agency, has launched and priced on Friday the first European high yield bond of the year from a single-B-rated borrower. It encountered the after-shocks from the Swiss National Bank's shock change of exchange rate policy on Thursday, but the company achieved its refinancing goals.
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Swedish Match, which makes the tobacco product, snus, has secured a Skr1.5bn (€158m) multicurrency revolving facility. The loan will refinance a Skr1.6bn loan signed in 2010.
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A $3.1bn piece of Tata Steel’s $5.6bn multi-trancher was signed in December with 34 lenders. The deal has been singled out for praise by many loans bankers for its structuring that led to success despite the borrower operating in the troubled steel sector.
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Dutch cable company Ziggo accelerated its dual currency bond issue to price it on Wednesday after its sister company, Virgin Media of the UK, had sold the first bond of a restructuring plan involving four Liberty Global cable subsidiaries.
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The covered bond market enjoyed its busiest week in the last three years as 16 borrowers launched benchmarks with a nominal value of €13.5bn ($15.70bn) across a range of currencies and tenors. But investors clearly showed a preference for the seven year — of which there were seven deals, accounting for half of this week’s supply.
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UK travel operator Thomas Cook is set to price its €400m high yield bond on Friday, riding a wave of successful high yield issues this week.
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New BNP Paribas investment bank boss Yann Gérardin is an equity derivatives man through and through, having built the business from scratch since he joined in 1987.
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Huhtamaki, the Finnish producer of food and drink packaging, signed a €400m five year revolving facility last week. The company sold its plastic films business in December and is consolidating its business into food packaging.
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Virgin Media expects its leverage to remain within levels set by its parent company Liberty Global, after it raised a £925m-equivalent bond to finance a merger with another subsidiary, UPC Ireland.
