BNP Paribas
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AT&T, the US's largest telecoms company, returned to the euro bond market on Thursday, a day after technology firm IBM, this time with a whopping €3.8bn three tranche deal. -
Three issuers from France, Belgium and Germany raised €2.5bn in the covered bond market this week, and another €1bn transaction was expected from a Finnish issuer on Friday. The deals were all remarkable for the fact that the funding levels set new records for all issuers as the ECB’s allocation continued to grow, squeezing out other investors.
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United Internet — Vimpelcom — Geberit
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A short window of issuance is open for borrowers with dollar benchmarks to do ahead of the Thanksgiving holiday next week that heralds the traditional close of the market.
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Fomento de Construcciones y Contratas's shareholders approved a €1bn capital increase at an extraordinary shareholders meeting on Thursday in Barcelona, allowing the Spanish building and environmental services company to begin restructuring a €4.5bn loan.
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High-grade issuers swamped the dollar market in the early part of the week trying to get in before Alibaba’s debut $8bn offering on Thursday while expecting a deluge of M&A related financings.
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Auctions will be the main source of euro issuance from sovereigns, supranationals and agencies for the rest of the year, after the European Stability Mechanism this week opted against sounding banks for a syndication during its last deal window next week. But the market was strong for issuers that did come this week, with a pair of deals priced at the tight end of initial price thoughts.
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Bankers who have made their name in Asia feature heavily in the new CIB chief’s reshuffle, writes David Rothnie
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Reliance Jio Infocomm’s $1.5bn dual tranche loan that opened in September has been allocated among 26 lenders, 11 of which joined during general syndication. Thin pricing did not stop Taiwanese, Japanese and Middle Eastern lenders from piling into the deal, as it gave them a chance to form a relationship with India’s biggest private sector company.
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Commodity trader Mercuria signed its latest refinancing on November 18, with 28 banks joining during general syndication. Although the loan was oversubscribed by about 60%, Mercuria decided to cap the borrowing at its launch size of $1bn.
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Agricultural products supplier Olam International has mandated 19 banks for a $2.475bn triple tranche refinancing of a $2.22bn bridge loan that it sealed in May.
