Citi
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Coca-Cola European Partners opened the European corporate bond market on Monday with its third visit to the market since the company was created in 2016. The €400m nine year bond was three times subscribed. -
Kazakhstan entered the euro market for the first time on Monday, hitting screens with a dual tranche bond.
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A megayacht of a trade from KfW this week suggested that potential headwinds — including the end of quantitative easing, Italy’s reckoning with the European Commission and Angela Merkel’s plan to step away from politics — are failing to sink sentiment in the euro market. But some SSA bankers warned that the trade was more just proof that KfW can float in these conditions — and that an upcoming deal for the European Financial Stability Facility (EFSF) will be a better buoy for the sector’s currents.
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Mubadala Development Company printed its $800m 10 year bond on Wednesday, refinancing its tendered 2021s and 2022s and taking a minimal amount of new money in the process. But the new issue premium paid is under debate.
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Nogaholding sold its $1bn dual tranche bond on Wednesday from a book of around $2.5bn, demonstrating Bahrain borrowers’ access to the bond markets after the country’s bailout from its Gulf Co-operation Council neighbours in October.
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Jaguar Land Rover, owned by India’s Tata Motors, has returned for a $1bn loan, just months after closing a smaller £640m ($839m) dual-tranche facility.
